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Brazil's Cosan buys UK lubricants firm from Exxon

March 03/2012
(guardian) -- Brazil's largest exporter of sugar and ethanol, Cosan, said on Thursday it was buying Comma Oil and Chemicals, an automobile lubricants and additives company in Kent, England, from Exxon Mobil Corp Esso Petroleum Co.

Cosan said in a filing that the value of the deal would not exceed USD100 million and it would give the company a foothold into the automobile chemicals markets in the United Kingdom, Europe and Asia.
A separate agreement will be signed that will allow Comma to continue to distribute products under the Mobil brand and produce for and distribute to affiliates of Exxon Mobil.

Nelson Gomes, executive director of the Cosan group, said the deal was part of the company's plan to diversify its revenues and expand abroad. Cosan is in a joint venture with Royal Dutch Shell Plc called Raizen that combines the company's sugar, ethanol and fuel distribution assets in Brazil.

Author:Anna Larionova
Category:General News
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