History

Proquigel Química Ltda., the first entity of our group, was established in São Paulo, Brazil in 1966. Following the pattern of major global chemical companies, our founding pillar was the development of our own proprietary technology for suspension polymerization, our pioneering production of PMMA resins, which was the precursor of our Acrylics Business, and our production of polystyrene, which was the precursor of our Styrenics Business.

We initially produced PMMA and SAN resins in a small facility in São Paulo, Brazil. In 1973, we started to produce polystyrene and transferred our operations to an industrial facility in São Bernardo do Campo, in São Paulo. In 1979, we expanded our operations to Bahia, where we produced a large portfolio of thermoplastic resins and chemical intermediates. After decades of product and technology development, we began integrating our acrylics and styrenics production chains through several acquisitions: CBE, in 1984, for the production of styrene; Metacril, in 1992, for the production of MMA and cast acrylic sheets; and Acrinor, in 1997, for the production of acrylonitrile. In 1997, we began operating a PMMA resin plant in our acrylics complex in Bahia, and sold all our ABS and SAN resins operations in Bahia to Bayer.

After a successful consolidation of our Acrylics and Styrenics Businesses, we expanded our Acrylics Business internationally through the acquisition, in 2006, of Plastiglas, in Mexico, where we currently produce cell cast acrylic sheets. In 2007, we also acquired our MMA and sulfuric acid plants in Mexico, leased an ammonium sulfate plant and entered into an association with Pemex to reactivate their acrylonitrile plant, and produce HCN necessary to supply our MMA production site. In 2008, we acquired a styrene plant from Dow Chemical in Camaçari, Bahia.

In 2009, we acquired a polystyrene plant in São José dos Campos, São Paulo. In 2010, we completed our acrylics capacity expansion project, increasing production of methacrylates and ammonium sulfate. In December 2010, we also acquired a polystyrene plant located at the Dow Chemical petrochemical complex, in Guarujá, São Paulo.

Following our organic growth investments, and the purchase of related production facilities we began revising our strategic positioning in the 2010s, which resulted in the shutdown of some of our plants and divestments from our non-core operations motivated by low-cost opportunities to further our vertical integration. In 2016, we completed the expansion of our sodium cyanide plant in Bahia. In October 2016, we suspended our production of MMA in Mexico and started using MMA imported from our facilities in Brazil at our Mexican operating units for the production of cell cast acrylic sheets. In 2017, we leased and began operating a latex plant located in Dow Chemical’s petrochemical site in Guarujá, São Paulo. As part of our deleveraging, in 2017, we divested our Packaging Business.

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