Braskem sells water treatment unit to Odebrecht Engenharia Ambiental
Brazilian petrochemical company Braskem has sold a water treatment unit at its complex in Triunfo in southern Brazil to Odebrecht Ambiental for R$315 million (US$132 million).
Odebrecht Ambiental is the environmental arm of Odebrecht, which is also the leading shareholder in Braskem.
At the end of 2012, Braskem sold two similar units based in its complex at Camaçari to Odebrecht Ambiental for R$652 million.
In mid-December 2013, Brazilian state-owned bank Caixa Economica Federal (CEF) and local pension fund Fundacao dos Economiarios Federais (Funcef) signed a deal to acquire a 20.7% stake in Odebrecht Engenharia Ambiental for R$615 million (US$264.6 million) through a capital increase.
Odebrecht Ambiental, created in 2008 as the sanitation services arm of Odebrecht. The company posted R$1.3 billion (US$678.1 million) in revenues and a net income of R$76.3 million (US$39.1 million) in 2012.
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