Braskem seeks buyers its chemical distribution unit, QuantiQ

Braskem seeks buyers for its chemical distribution unit, QuantiQ

5:40 AM, 18th October 2012
Braskem seeks buyers for its chemical distribution unit, QuantiQ

NEW YORK, US: Braskem SA, Latin America’s largest petrochemicals maker, is seeking a buyer for QuantiQ, its chemical distribution unit, according to two people familiar with the situation, reported Bloomberg News.

Braskem, based in Sao Paulo, hired Banco Santander SA to solicit offers for the unit, which may fetch about $500 million, said the people, who asked not to be named because the talks are private. US distributors such as Nexeo Solutions LLC and Univar Inc and Germany’s Brenntag AG may be among the suitors for the business, said one of the people.

Representatives for Braskem and Nexeo couldn’t immediately comment. Spokesmen at Santander, Univar and Brenntag declined to comment.

Slowing economic growth in Brazil, the world’s second- largest emerging market, is curbing demand for Braskem’s resins, which are used to make plastic for packaging and auto parts. Braskem, which uses oil-derived naphtha to make the resins, is also facing rising competition as US rivals cut costs by using cheaper shale gas as their main raw material, Chief Financial Officer Marcela Drehmer said July 13. It posted a 1.03 billion- real ($506 million) loss in the second quarter after the cost of raw materials rose.

QuantiQ is a leading chemicals and petrochemicals distributor in Brazil, with five distribution centres, three logistics centres and units at main ports.

© WOC News




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