Elementis completes Brazilian deal

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Specialist chemicals company Elementis said it had completed its purchase of Brazilian firm Watercryl Quimica, giving it a bigger foothold in a rapidly growing market.

Elementis bought the coatings additives company for $24m in cash, in a deal announced in June.

The British firm hopes to combine the market positions, technical capabilities and product portfolios of Watercryl and its Specialty Products division to expand sales of Watercryl products beyond Brazil and to accelerate the growth of Elementis products within the country.

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Watercryl generated sales of $9.3m and EBITDA (earnings before interest, tax, depreciation and amortisation) of $2.3m in the year to May 31st.

The company was formed in 1993 and supplies additives to the Brazilian coatings industry, with manufacturing and technical facilities based in Palmital, So Paulo.