Friday, May 06, 2016

Braskem evaluates new and acquisitions in the United States

SÃO PAULO-Braskem studies to build a sixth plant in Texas (USA), to take advantage of the increased demand of polypropylene and the sobreoferta of its raw material, propylene.
According to the new President of the petrochemicals, Fernando Musa, the project studies can be brought to the Council by the end of the year, with possible start of construction in 2017.
The Executive said that the company remains open to acquisition opportunities in the North American market, aligned to the strategy to take advantage of the increased demand for polypropylene, with emphasis on the automotive sector.
"We are today the largest producer of polypropylene in the United States. We are evaluating opportunities to desgargalar plants, to build a new and we are still open to acquisition opportunities, "said Musa to journalists.
Braskem polypropylene assets purchased Sunoco in 2010 and Dow Chemical, in 2011, the petrochemicals polypropylene leadership in the North American market.
Musa, who took charge of the petrochemical industry in place of Carlos Fatigues this week was from March 2012 President of Braskem''s unit for the United States and Europe, Braskem America. The integration of the assets of Sunoco and the Dow occurred on its management.
In the u.s., Braskem also has an ongoing project to produce resin UTEC (ultra high molecular weight polyethylene) in La Porte, Texas. The resin has applications in industries such as oil extraction and construction. The project''s departure scheduled for the fourth quarter of this year.
PROCESS
Braskem is the subject of class action lawsuit in the United States for alleged involvement in the corruption scheme of Petrobras. The financial Vice President of petrochemistry, Pedro Freitas, said Braskem made a claim against the petition of the authors of the action, that the American Justice has two months to evaluate.
If the request of Braskem is not accepted, the process should take 6 months to a year to complete. "In 98% of cases it ends with some kind of deal," said Freitas.
On the domestic market, which showed weakness in the first quarter, executives said wait a 7% volumes drop in 2016. From January to March, sales in Brazil totaled 780 1000 tons, retracting 18% compared to the first quarter of 2015.
But the high-dollar against real and its effect on exports and overseas operations outweighed the impact of the brazilian recession. The net profit for the period totaled 747 million reais, 266% greater than a year earlier.
DCI – 05/05/2016
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