May 12, 2008. /Lesprom.com/. MeadWestvaco Corporation (MWV) Specialty Chemicals and Chemserve (Chemicals Services Limited) announced the signing of a definitive agreement to establish an equal partnership in the joint venture Resitec Industria Quimica Ltda., a Brazilian company which serves the South American pine chemicals market. MWV Specialty Chemicals’ expertise in the pine chemicals market and its long-standing presence in Brazil, along with the success of Chemserve’s South African-based oleochemicals company, will enable Resitec to broaden its product offerings and strengthen MWV Specialty Chemicals’ and Chemserve’s presence in the South American marketplace. The transaction is expected to close during the 2Q 2008. Resitec’s current products include emulsifiers used in the production of synthetic rubber for tires, resins for adhesives, and lubricants for machinery and metalworking. Through the joint venture, Resitec will expand its pine chemicals product offerings to include tall oil fatty acid (TOFA) and tall oil rosin (TOR) acids to serve pine chemicals markets within the region, and meet customers’ growing global needs. Under the terms of the agreement, Resitec will continue to offer production and service support to its customers and will assume some production and all regional sales of MWV Specialty Chemicals’ products including emulsifiers for asphalt paving, resins for printing inks, and activated carbons used in vehicle emissions control and other purification applications. Resitec’s current management will remain in place, under the direction of Bernardo Mello, managing director. The new joint venture will include Resitec’s headquarters and manufacturing facility located near Rio de Janeiro, and a new tall oil refinery currently under construction in Lages, Brazil. Start-up for the refinery is anticipated during the 4Q 2008. Terms of the agreement between MWV Specialty Chemicals and Chemserve were not disclosed.