Dow buys out balance stake in PBB Polisur SA

17-Feb-05

Dow Chemical Co. has bought the balance 28% stake (in addition to the already held stake) in PBB Polisur SA, from Repsol YPF, for US$97.5 million. The 28% stake represented Repsol-YPF's total holding in PBB Polisur, a producer of polyethylene. Dow Chemical acquired 63% of PBB, formerly known as Petroquimica Bahia Blanca, in 1995 and 70% of Polisur in 1996. The two petrochemical companies were later combined. PBB Polisur operates a complex of 6 plants in the city of Bahia Blanca, located in Buenos Aires province. PBB Polisur's plants have an annual capacity of 700,000 tons of ethylene and 600,000 tons of polyethylene.