Braskem to buy Brazilian firm Cetrel

Photo Braskem

By Joseph R. Fonseca

The Board of Directors of Braskem, the largest petrochemical company in the Americas, authorized the conclusion of an agreement with Odebrecht Utilities to purchase control of Cetrel, a company responsible for the treatment and disposal of effluents and industrial waste, environmental monitoring and water supply for industrial use Of the Company's plants at the Camaçari Petrochemical Complex in Bahia.

Under the proposed purchase agreement of 63.7% of Cetrel shares held by Utilities, Braskem will pay the amount of R $ 610 million that will be disbursed at the conclusion of the transaction, and may undergo customary adjustments to this type of transaction. The conclusion of the agreement is subject to the resolution by Braskem's Shareholders' Meeting pursuant to Article 256 of the Brazilian Corporate Law and to the usual precedent conditions in this type of transaction.

"Cetrel plays an important role in the management of the environmental processes of the Camaçari Petrochemical Complex," says Fernando Musa, president of Braskem. "The acquisition seeks to ensure the safety and reliability of industrial operations at Polo, in line with Braskem's strategy to strengthen its petrochemical operation."

Cetrel is an environmental services company that started operations in 1978 with the Camaçari Petrochemical Complex, Cetrel includes an effluent treatment plant, lift stations, industrial incinerators, water distribution system, an extensive collection and transportation network, as well as other Infrastructure assets and environmental monitoring services. The company serves not only the needs of Braskem, but also a hundred companies from various sectors, such as chemical, automotive, beverages, among others, installed in the Polo de Camaçari and its surroundings.

Jan 28, 2017

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