Brazil will need to build a new resin plant each year until 2020 to keep up with the booming country's burgeoning plastics demand. Carlos Fadigas, Braskem S.A. CEO, detailed his country's escalating hunger for plastics and Braskem's plans to help satiate that domestic demand while also expanding its reach outside South America. Meeting with investors and media at the New York Stock Exchange on April 19, Fadigas finished Braskem Day at the exchange from the trading floor by ringing the market's closing bell.
Speaking with PlasticsToday by phone on the morning of his visit, Fadigas said that in addition to being listed on the NYSE (BAK), Braskem's shares can also be found on the São Paulo and Madrid stock exchanges. Following the economic crisis of 2008 and 2009 and after physically expanding into the U.S. last year with the February purchase of Sunoco Chemicals Inc.'s polypropylene (PP) business for $350 million, Fadigas said his company felt it was time to once again return to Wall Street.
"It has been very important for us to be in the U.S. and meet with investors and discuss Braskem's strategy," Fadigas told PlasticsToday. "That has been reinforced by the fact that we bought an asset in the U.S. last year, and now have three polypropylene plants here." Fadigas said that at this time Braskem has 5.5 million tonnes of capacity in Brazil and 1.5 million tonnes of capacity in the U.S....