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news.Braskem, a resin producer in the Americas, has signed an agreement with Sunoco wherein the former acquires the polypropylene (PP) business of Sunoco Chemicals. Sunoco will receive $350m for the shares in Sunoco Chemicals (PP assets), upon closing, within 60 days.
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Bernardo Gradin, CEO of Braskem, said: “The acquisition of Sunoco Chemicals provides Braskem with a solid and competitive platform for growth in the world’s biggest market, which will complement its ongoing internationalization strategy through important greenfield projects under development in Mexico, Venezuela and Peru.”
In addition to Sunoco’s industrial units, the acquisition also includes a technology and development center in Pittsburgh, PA, which will play an essential role for Braskem in continuing to provide support for clients in product and market development and technical assistance services.
Braskem expects to leverage this industrial and commercial base to complete potential acquisitions or strategic alliances in the future, and expand its presence in the US market.