MeadWestvaco Corp., a longtime investor in Latin America, is bulking up its operations in the region though its North Charleston-based business,
MWV Specialty Chemicals said Thursday that it has bought the shares of a four-year-old Brazilian joint venture it didn’t already own.
Terms of the deal with South Africa-based AECI Limited were not disclosed. The joint venture partners decided this year to operate Resitec Industria Quimica Ltda. under one owner rather than two.
The sale was finalized Tuesday, MWV Specialty Chemicals said. Financial results for Resitec, which develops chemicals from pine trees, will now be reported as part of the Virginia Avenue-based company.
“This acquisition reinforces our commitment to the specialty chemicals market in Brazil and in Latin America,” said Ed Rose, president 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.
MeadWestvaco Corp. said it has operated in Brazil for more than 60 years.
MWV Specialty Chemicals has been a growth business for the Richmond, Va.-based parent, with sales up 13 percent to $255 million in the third quarter. Profit increased 11 percent to $62 million for the period.
Reach John McDermott at 937-5572