German chemicals group Lanxess expects the mandatory offer to buy the remaining outstanding shares of Brazilian rubber producer Petroflex to cost up to 70mn euros (US$98mn), company CFO Matthias Zachert told BNamericas in an email.
Earlier this year Lanxess acquired 70% of Petroflex in a deal worth 200mn euros, significantly increasing its sales in Latin America, especially Brazil.
"Our latest business development research showed that the region [Latin America] has not been materially affected [by the current economic woes]. Lanxess significantly increased its sales in Latin America in the second quarter, especially in Brazil after integrating Petroflex into the group's portfolio on April 1," Zachert said.
"On a portfolio and currency-adjusted basis, the group posted a nice sales increase in the Americas region."
"However, the prospects for the chemical economy in North America do not look that bright, especially in the construction and automotive sectors," Zachert added.
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