Petrobras acquires Innova petrochemical company for $332MM

Source: Petrobras

Petrobras (NYSE:PBR) announces the acquisition of 100% of the capital of Innova S.A. for US$ 332 million, from Petrobras Energía Internacional S.A. – PEISA, a wholly owned subsidiary of Petrobras Argentina SA.

The acquisition allows Petrobras to invest in Innova aiming to align its assets to Petrobras’ assets and presents synergies with some projected investments such as some units for the Petrochemical Complex of Rio de Janeiro - Comperj.

Innova is located in the Petrochemical Complex of Triunfo-RS (Brasil), produces styrene, polystyrene, and ethylbenzene, raw materials for synthetic rubber, acrylic and polyester resins used for disposables, paper, tires, paintings, packages, among others.

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