Mexichem aims to lead Latin America in chemicals through further acquisitions, company officials say.

Mexico City-based Mexichem, already Latin America’s leading producer of PVC, has a clear objective: “We aim to become the Latin American leader in production of chemicals and petrochemicals,” says Enrique Ortega, the company’s director of investor relations. And, he adds, a $1 billion war-chest for investment will fund the company’s quest for that goal.

But first Mexichem has a hurdle to cross — a plan to acquire a troubled petrochemicals plant of the Mexican state oil monopoly, Pemex, faces problems. Mexichem, then known as Camesa, began the road to growth when Antonio del Valle acquired the company as part payment for his stake in Banco Bital, one of Mexico’s four leading banks, when it was taken over by Britain’s HSBC five years ago. Camesa sold off its specialist steel unit and Mexichem was born to develop what del Valle regarded as the company’s main assets: the chlorine-vinyl production chain and the world’s biggest fluorite mine and its associated products.”*

*From: http://www.latinbusinesschronicle.com/app/article.aspx?id=1986DELETEME!
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