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PROFILE
 

Ultrapar, a multi-business company engaged in specialized distribution and retail, through Ultragaz, Ipiranga and Extrafarma, specialty chemicals, with Oxiteno, and storage for liquid bulk segment, through Ultracargo, is one of the largest business groups in Brazil. With 14 thousand direct employees, Ultrapar has operations in the entire Brazilian territory and has industrial units in the United States, Uruguay, Mexico and Venezuela and commercial offices in Argentina, Belgium, China and Colombia through Oxiteno.

Ultragaz is the leader in LPG distribution in Brazil with a 23% market share in 2015 and one of the largest independent LPG distributors in the world in terms of volume sold. We deliver LPG to an estimated 11 million households using our own vehicle fleet and our network of more than 5,1 thousand independent retailers.

Ipiranga is the second largest fuel distributor in Brazil, with a network of 7.2 thousand service stations and a 22% market share in 2014.

Oxiteno is one of the largest producers of ethylene oxide and its main derivatives in Latin America, a major producer of specialty chemicals and the sole producer of fatty alcohols and related by-products in Latin America.Oxiteno has twelve industrial units in Brazil, United States, Uruguay, Mexico and Venezuela and commercial offices in Argentina, Belgium, China and Colombia.

Ultracargo is the largest provider of storage for liquid bulk in Brazil, with six terminals and storage capacity of approximately 630 thousand cubic meters as of December 31, 2015.

Extrafarma is one of Brazil’s ten largest drugstore chains with 254 drugstores and two distributions center in the North and Northeast regions of Brazil by the end of 2015.

With robust performance and sustainable earnings growth, Ultrapar stands out in:

•   Leadership position in its markets, with long-term competitive advantages
•   Planning and execution consistent with our strategy, based on discipline in capital allocation
•   Strength of its brands in fuels distribution
•   Result-oriented culture: focus on people, passion for the client and cost discipline
•   Governance and alignment of interests as instruments to grow
•   Resilient businesses, leveraged on the economic growth - proven track record through economic cycles

Ultrapar has a track record of commitment to the capital markets, pioneering approach in the implementation of good corporate governance practices and sound financial position. In 1999, Ultrapar was the first Brazilian company to be listed simultaneously at the São Paulo Stock Exchange (BM&FBOVESPA) and at the New York Stock Exchange (NYSE), with ADRs level III, and its shares are included in the main market indexes, such as the MSCI Index, the Bovespa Index (Índice Bovespa - Ibovespa), the Brazil Index (Índice Brasil – IBRX), the Valor Bovespa Index (Índice Valor Bovespa - IVBX-2), the Corporate Sustainability Index (ISE), the Special Tag Along Stock Index (Índice de Ações com Tag Along Diferenciado – ITAG), the Special Corporate Governance Stock Index (Índice de Ações com Governança Corporativa Diferenciada – Novo Mercado – IGC-NM) and the index Dow Jones Brazil Titans. Ultrapar was also the first Brazilian company to grant 100% tag along rights to all shareholders, and to turn its executives into shareholders with a relevant stake in the company. Ultrapar’s credit rating is equivalent to investment grade as assigned by Moody’s and Standard & Poor’s.

 
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HISTORY



1937 – 1960

Mr. Ernesto Igel creates the Companhia de Gás a Domicílio, current Ultragaz, using gas cylinders acquired from Companhia Zeppelin and introduces LPG for domestic cooking to the Brazilian lifestyle. Gas stoves gradually begin to replace the traditional wood and, to a smaller extent, the alcohol, kerosene and coal gas stoves.

1937 – The company starts to operate with a fleet of 3 trucks and 166 customers.

1959 – Pery Igel is nominated president of Ultrapar by its father, Ernesto Igel.
 
 

1960 – 1992

Ultrapar expands its LPG distribution business and starts operating in the chemical and logistics businesses. During this period, Ultrapar also sells non-core businesses, such as Ultrafértil, Ultralar, and Ultratec Engenharia.

1961 – Ultragaz reaches 1 million consumers.

1966 – The demand for high quality and safe services results in the creation of Transultra, a company specialized in road transportation and storage of chemical and petrochemical products.

1970 – Oxiteno starts its operations, resulting from Ultrapar engagement in the creation of the Brazilian petrochemical industry. The plant, located in the petrochemical complex of Mauá (state of São Paulo), is a pioneer producer of ethylene oxide and its derivatives in Brazil.

1978 – Terminal Químico de Aratu S.A. (Tequimar) is founded, expanding the logistics business to the storage business.

1981 – Paulo Cunha is nominated president of Ultrapar.
 
 

1993 – 1998

Ultrapar consolidates its operational focus on three main businesses – LPG distribution, production of chemicals and petrochemicals, and logistics for chemicals and fuels.

1997 – Ultrapar introduces the UltraSystem, LPG small bulk delivery system, in Brazil and completes the expansion of the Oxiteno plant in the petrochemical complex of Camaçari (state of Bahia).
 


1999 – 2002

Ultrapar concludes its initial public offering (IPO) and invests in the expansion and modernization of its operations and in the simplification of its corporate structure.

1999 – Ultrapar concludes its IPO of preferred shares, listing its shares at the São Paulo (BM&FBovespa) and New York (NYSE) stock exchanges.

2000 – Aiming at adopting differentiated corporate governance practices and aligning interests, Ultrapar grants 100% tag along rights for all of its shareholders.

2002 – Corporate restructure process, with the merge of Gipóia Participações into Ultrapar and the exchange of the shares issued by Oxiteno with Ultrapar shares. At the end of this process, Ultrapar increases its ownership at Oxiteno and Ultragaz to 100%.
 


2003 - 2005

2003 – Acquisition of the Shell’s LPG distribution business in Brazil, Shell Gás, which allowed Ultragaz to become leader in the LPG segment. Acquisition of the chemical business of the Berci group (Canamex), a Mexican specialty chemicals company, representing the beginning of Oxiteno Mexico’s operations.

2004 – The shareholders of Ultra S.A enter into a shareholders agreement to ensure the continuation of a stable and defined controlling shareholder block.

2005 – Ultrapar completes a primary and secondary offering of preferred shares, which resulted in a 51% increase in the company’s free float. Santos intermodal Terminal starts operations, a strategic milestone in Ultracargo’s operations in the Southeast region of Brazil.
 


2006-2007

2006 – Paulo Cunha begins to exclusively dedicate himself to be the chairman of the board, and Pedro Wongtschowski was nominated Chief Executive Officer, thus separating the roles of Chief Executive Officer and chairman of the board, another important step in the improvement of Ultrapar’s corporate governance.

2006 – 2007 – Oxiteno’s internationalization process is intensified with the inauguration of commercial offices in Argentina and in the United States and additional acquisitions in Mexico that turned Oxiteno into the market leader in ethoxylates. Oxiteno starts operating in Venezuela, the only ethylene oxide producing country in Latin America where Oxiteno did not have operations, through the acquisition of Arch Chemicals, current Oxiteno Andina, the sole producer of ethoxylates in Venezuela.

2007 – Ultrapar, which was already the leader in the LPG distribution through Ultragaz, expands its position in the sector with the acquisition of the fuel distribution business of the Ipiranga group in the South and Southeast regions of Brazil, reaching a new level of size and scale and generating several benefits and growth opportunities for the company.
The distribution of automotive fuel is an activity which similar success drivers of LPG distribution: a major brand, efficient logistics and excellence in the management of resellers’ network. The potential growth in fuel sales, the expected gains in operational and management efficiency and the greater investment capacity as a consequence of the simplification of the shareholding structure of the Ipiranga group and swifter decision making process under Ultrapar’s management were determining factors in deciding to make this acquisition.

2007 – As part of the acquisition process of the Ipiranga group, Ultrapar issues 55 million preferred shares, increasing its free float from 32 million to 87 million shares, representing 64% of the company’s total capital. Ultrapar’s shares achieve a new level of liquidity in the capital markets, which results in the entrance of Ultrapar’s shares in the Ibovespa and MSCI indexes. In addition, the exchange of Ipiranga group’s shares results in greater alignment of interests and the extension of Ultrapar’s recognized corporate governance standards to all former shareholders of RPR (former RPI), DPPI and CBPI.

 

2008 - 2009

2008 – The credit rating agency Moody’s assigns Ultrapar its Baa3 rating on a global scale, equivalent to investment grade.

2008 – Ultrapar, through its subsidiary Ultracargo, acquires União Terminais, a milestone in Ultracargo’s history, consolidating its position as the largest liquid bulk storage company in Brazil and enhancing its operational scale. Ultracargo also expanded its operations at the Santos port, added new clients to its portfolio, and expanded its geographical coverage through the entrance in the Rio de Janeiro and Paranaguá’s markets, strengthening its presence in the main Brazilian ports.

2008 – Oxiteno inaugurates its first commercial office in Europe, located in Brussels, Belgium.

2009 – Ultrapar concludes the acquisition of Texaco’s fuel distribution business in Brazil, starting to manage the business from April 2009 on. Texaco’s acquisition significantly increased the operating scale in fuels distribution and expanded Ipiranga’s geographical coverage to the Mid-West, Northeast and North of Brazil, regions that recorded growth rates above the national average, resulting in a distribution business with nationwide coverage and approximately 5.5 thousand service stations.

2009 – The credit rating agency Standard & Poor’s assigns Ultrapar its BBB- rating on a global scale, equivalent to investment grade.

2009 – The shareholders of Ultra S.A. enter into a new shareholder’s agreement, which replaces the previous agreement. The terms and conditions of the new shareholders’ agreement are substantially the same as those of the previous agreement and have a two-year term.

2009 – Ultracargo acquires from Puma Storage do Brasil a storage terminal for liquid bulk in the port of Suape, Pernambuco. The terminal acquired, with an 83 thousand cubic meter capacity, represents a 15% increase in the total storage capacity of the company and is located in an area leased by Ultracargo, which allowed therefore immediate integration of the operations.


2010 - 2013

2010 – In July 2010, Ultrapar concluded the sale of Ultracargo’s in-house logistics, solid bulk storage and road transportation businesses. This transaction allowed Ultracargo to focus exclusively on its liquid bulk storage business, a segment in which it has a leadership position and will pursue opportunities to maximize the benefits from the increasing demand for logistics infrastructure in Brazil.

2010 – In November 2010, Ultrapar concluded the acquisition of 100% of the shares of DNP. DNP distributed fuels in the states of Amazonas, Rondônia, Roraima, Acre, Pará, and Mato Grosso, being the fourth largest fuel distributor in these states. The acquisition of DNP reinforces the strategy of expansion to the North, Northeast and Midwest regions of Brazil, where the consumption growth has been above the national average and the market share of Ipiranga is lower than that in the South and Southeast.

2011 – In June 2011, the extraordinary general shareholders' meeting approved (i) the conversion of all shares of preferred stock issued by the company into shares of common stock, on a 1-to-1 conversion ratio, (ii) the company’s adhesion to the Novo Mercado listing segment of BM&FBOVESPA, (iii) the company’s new bylaws, modifying several provisions in the previous bylaws, aiming to strengthen the company’s corporate governance structure, and (iv) the equivalence of rights of all shareholders in the event of a change in the company’s control, pursuant to its new bylaws and the Novo Mercado rules, to the provisions of the company’s controlling shareholders' agreement of March 22nd, 2000. On the same date, the subjects under items (i) and (iv) above were also approved in a special preferred shareholders’ meeting.

2011 - On August 17th, 2011, Ultrapar’s preferred shares were converted into common shares and started to be traded on the Novo Mercado segment. As of the same date, the ADRs represented by preferred shares started to be represented common shares issued by Ultrapar and traded in the New York Stock Exchange under this new format. This decision aimed at bringing Ultrapar's corporate governance into line with the company’s current stage and profile and will enable higher investment capacity, growth, attraction and retention of talented professionals, value creation and longevity.
 
2011 – In October 2011, Ultrapar acquires Repsol’s LPG distribution business in Brazil. The acquisition of Repsol Gás Brasil strengthens Ultragaz’s bulk LPG business, a segment in which it was a pioneer and has a relevant position, allowing economies of scale in logistics and management, as well as an improved positioning for growth in the bulk segment, where volume progression is correlated to the GDP performance.
 
2012 – In April 2012, Oxiteno acquired a specialty chemicals plant located in Pasadena, Texas one of the most important chemical hubs in the world, benefiting from attractive feedstock conditions, including competitive natural gas-based raw materials, and highly efficient logistics infrastructure. With this acquisition, Oxiteno continues its internationalization process that started in 2003, when it acquired the then third largest ethoxylates producer in Mexico. Through this acquisition, Oxiteno will increase and strengthen its position in the Americas as a surfactants and specialty chemicals producer servicing the home & personal care, agrochemicals, coatings and industrial markets.
 
2012 – On May, Oxiteno acquired American Chemical, a Uruguayan specialty chemicals company. Through the acquisition of American Chemical, Oxiteno continues the international expansion of its activities, started in 2003 and based on its deep knowledge of the technology for production and application of surfactants and specialty chemicals and on its strong relationship with its clients.
 
2012 – On November, 2012, Ultrapar announced the constitution, in partnership with Odebrecht TransPort Participações, of ConectCar, a company to operate in the segment of electronic payment for tolls, parking and fuels.
 
 
2013 – In September, Ultrapar announced the association with Extrafarma, one of Brazil’s ten largest drugstore chains, that operates in the North and Northeast regions of Brazil and is one of the leaders in its region. The association was approved in extraordinary shareholders’ meetings of Ultrapar and Extrafarma on January 31, 2014.

The association with Extrafarma marks Ultrapar’s entry into Brazil's significant, growing retail pharmacy sector. Extrafarma became Ultrapar’s third specialized distribution and retail business, with characteristics of growth, resilience, and differentiation in services and convenience to customers.
   
 
 
 

 

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