SAO PAULO, Aug. 4, 2016 /PRNewswire/ -- Ultrapar
Participações S.A. (BM&FBOVESPA: UGPA3 / NYSE:
UGP) ("Ultrapar") hereby announces that its subsidiary
Ipiranga Produtos de Petróleo S.A. ("Ipiranga") entered into a
joint venture agreement with Chevron Brasil Lubrificantes Ltda.
("Chevron") to create a new company ("JV") in the lubricants
business. Under this agreement, the JV will be formed by Ipiranga's
and Chevron's lubricants operations in Brazil. Ipiranga and Chevron will own 56% and
44%, respectively, of the JV's capital.
The JV will combine two highly complementary and experienced
companies in this business, aiming at value creation by sharing
best practices and strengthening its position in the competitive
Brazilian lubricants market. The combination of the two businesses
increases the capillarity of the sales channels in Brazil through Ipiranga's network of 7,241
service stations, 1,473 of which with Jet Oil (Ipiranga's
specialized car care services), as well as through Ipiranga's and
Chevron's lubricant distributors network. The JV will market
lubricants, greases, additives and coolants under Ipiranga and
Chevron brands.
In 2015, Ipiranga sold 206 thousand cubic meters of lubricants,
greases and fluids and recorded revenues of R$ 1.1 billion. In the same period, Chevron sold
145 thousand cubic meters of lubricants, greases and coolants in
Brazil and recorded estimated
revenues of R$ 0.9 billion.
This transaction is subject to approval of the competent
regulatory authorities, notably the Brazilian antitrust regulation
agency CADE ("Conselho Administrativo de Defesa
Econômica").
Contact: +55 (11) 3177-7014
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SOURCE Ultrapar Participacoes S.A.