Thailand’s Indorama has agreed to buy the Brazilian specialty chemical producer Oxiteno from the conglomerate Ultrapar Participações for $1.3 billion. The companies disclosed in June that they were negotiating a possible transaction. Oxiteno produces ethylene oxide and ethoxylated derivatives such as surfactants. It posted $1.0 billion in sales in 2020. Indorama has been diversifying beyond its core polyester business and bought a surfactants business from Huntsman last year. Indorama expects to close the deal early in 2022.