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Press release from Mexichem
Mexichem, S.A.B. de C.V. (BMV: MEXCHEM*) ("the Company" or "Mexichem") announced today that, aligned with its strategy of consolidation in its core businesses, it has reached an agreement for the acquisition of Pemex´s 44.09% share in Petroquímica Mexicana de Vinilo, S.A. de C.V. ("PMV) through its subsidiary PPQ Cadena Productiva, SL, after the approval of the Boards of Directors of Pemex and Mexichem.
The operation amounts to approximately $178.7 million dollars, which is within the valuation ranges of comparable businesses and previous transactions in the petrochemical sector.
Pemex and Mexichem joined forces in September 2013, to integrate the value chain of Salt-Chlorine/Caustic-Ethylene-VCM through PMV. In December 2017, the Board of Directors of PMV announced its decision not to rebuild the Clorados III plant in the Pajaritos Petrochemical Complex in Coatzacoalcos, Veracruz, resulting in the breaking of the Salt-Chlorine/Caustic-Ethylene-VCM value chain, which leads to PMV focusing on the Salt/Chlorine Caustic Soda chain, thus motivating Mexichem´ s interest in recovering this productive process.
This operation is in line with Mexichem' s business plan, and allows the company to remain focused in the continuous improvement of its competitive position in strategic activities.