Petrobras Selling Styrene Unit

Brazilian state oil firm Petrobras has agreed to sell its Innova unit to Videolar, a local producer of media such as flash drives and compact discs as well as plastic film and sheet, for $372 million. Innova operates a plant in Triunfo, Rio Grande do Sul, which makes ethylbenzene, styrene, and polystyrene. Innova had operating earnings of $33 million on $496 million in sales in 2012. The Petrobras sale is part of a $2.1 billion divestiture program that otherwise includes oil-related assets. Petrobras acquired the business with its 2003 purchase of Argentine oil company Pérez Companc.