Chemical company Indorama Ventures Public Company Limited (IVL) has completed its acquisition of Brazil-based Oxiteno S.A. Indústria e Comércio.

The acquisition of Oxiteno, formerly a subsidiary of Ultrapar Participações S.A., was announced in August 2021 and was finalized this month after the transaction was approved by Brazil’s Administrative Council for Economic Defense.

IVL says the acquisition will grow its profile as a surfactants producer in Latin America and the United States, with potential to expand in Europe and Asia.

“This strategic acquisition is aligned to our Vision 2030 of growing our industry leadership in sustainability and our continued goal to double our EBITDA every five years,” said IVL CEO D. K. Agarwal. “Based on our experience of completing some 50 acquisitions in 20 years, the quality of Oxiteno’s people and our shared values were important considerations. Oxiteno brings an excellent management team, strong customer relationships in Brazil, Uruguay and Mexico, expertise in sustainability innovation, and a strong ESG/sustainability program.”

Oxiteno becomes part of IVL’s Integrated Oxides and Derivatives (IOD) business segment, which IVL formed in 2020 with the purchase of assets from U.S.-based Huntsman (Spindletop transaction). According to IVL, IOD is a growth driver alongside IVL’s traditional Combined PET necessities segment and its Fibers segment.

The company says the Oxiteno acquisition includes 11 manufacturing plants in Latin America and the United States, five R&D centers, a management team, and expertise in green chemistry innovation.