Oxiteno to extend Indorama in surfactants
Indorama Ventures has acquired Brazilian firm Oxiteno from the Ultra Group in a $1.3 billion that should close in Q1 2022, subject to regulatory approvals and other closing conditions. This will bring a significantly extended business in high-value surfactants within the Integrated Oxides & Derivatives (IOD) business, as well as other speciality chemicals.
Oxiteno dates back to 1973. It now has 11 industrial units in Brazil, Mexico, Uruguay and, most recently, Pasadena, Texas. There are also two global R&D centres, three R&D facilities and eight commercial offices in Argentina, Belgium, China and Colombia. The markets it sells into include home and personal care, agrochemicals, coatings, and oil and gas.
Bangkok-based Indorama expects synergies of $100 million by 2025 through portfolio adjustments, asset optimisation and operational improvements. The company has made about 50 previous acquisitions over the past 20 years, including the chemical intermediates and surfactants assets of Huntsman in January 2020, with facilities in the US, India and Australia.