MeadWestvacos North Charleston chemical unit buys Brazil business
North Charleston-based MWV Specialty Chemicals is adding to its investments in Latin American.
The division of packaging giant MeadWestvaco Corp. said it today it has bought the shares of a Brazilian joint venture it didn’t already own.
Terms of the deal with South Africa-based AECI Limited were not disclosed.
The sale of Resitec Industria Quimica Ltda. was finalized Tuesday. Financial results for Resitec, which develops chemicals from pine trees, will now be reported as part of MWV Specialty Chemicals.
The newly acquired business has about 115 employees and serves the rubber, lubricants, food and adhesives markets. Its operations include a manufacturing facility near Rio de Janeiro and an oil refinery in the city of Palmeira.
“This acquisition reinforces our commitment to the specialty chemicals market in Brazil and in Latin America,” said Ed Rose, president, MWV Specialty Chemicals.
See Friday’s editions of The Post and Courier for more details.