Brazil’s Braskem buys 61.1% stake in recycling company & More Breaking News

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Written by enews

Aug 2 (Reuters) – Brazilian petrochemical producer Braskem said on Tuesday it signed a contract to acquire shares in recycling company Wise Plasticos SA, reaching a stake of 61.1% in the company.

In a securities filing, Braskem said it paid 121 million reais ($22.93 million) for the stake, an amount the company said will be used to double Wise’s productive capacity to close to 50,000 tonnes by 2026.

($1 = 5.2776 reais)

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