Elementis completes Brazilian deal

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.

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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.

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