The Board of Directors of Braskem (São Paulo, Brazil; www.braskem.com.br) authorized the execution of an agreement with Odebrecht Utilities to acquire a controlling interest in Cetrel, the company responsible for treating and disposing of industrial wastewater and solid waste, environmental monitoring and water supply for industrial use to the company’s plants at the Camaçari Petrochemical Complex in Bahia state.
Under the agreement to acquire 63.7% of the shares in Cetrel held by Odebrecht Utilities, Braskem will pay R$610 million (around $195 million) upon the consummation of the transaction, with this amount subject to the adjustments typical to a transaction of this kind. The consummation of the agreement is subject to a vote by the Shareholders’ Meeting of Braskem, in accordance with Article 256 of Brazilian Corporation Law, and to the conditions precedent typical to transactions of this kind.
“Cetrel will play an important role in managing the environmental processes of the Camaçari Petrochemical Complex,” said Braskem CEO Fernando Musa. “The acquisition will ensure the security and reliability of the complex’s industrial operations, in line with Braskem’s strategy to strengthen its petrochemical activities.”
An environmental services company that launched its activities in 1978 along with the Camaçari Petrochemical Complex, Cetrel comprises a wastewater treatment plant, elevator stations, industrial incinerators, a water distribution system, an extensive collection and transport network, and other infrastructure assets and environmental monitoring services. The company serves the needs not only of Braskem, but also of roughly one hundred companies in various sectors, such as chemicals, automotive, beverages, that are installed at the Camaçari Complex and surrounding region.