Seeking faster-growing markets, South African explosives and chemicals manufacturer AECI Ltd. (AFE) plans to expand and diversify into South America, according to a Bloomberg report.

A presence in Brazil will create opportunities in surrounding countries such as Argentina and Chile, AECI CEO Mark Dytor told Bloomberg. Brazil is an emerging market with a large and sophisticated population, he said. “They consume a lot of products that take our chemicals.”

AECI hopes to increase revenue from outside South Africa, it’s main market.

“Pedestrian” growth in South Africa “doesn’t excite us,” Dytor said. “To get the return for our shareholders, we have to expand our footprint.”

AECI plans to spend as much as 1 billion rand ($103 million) a year to finance expansion and is targeting as many as three deals this year, Dytor said.

AECI is a developer, producer and supplier of commercial explosives for the mining, quarrying and construction markets in Africa. It supplies specialty chemical raw materials and related services for industrial use. Under its specialty chemicals division is U.S.-based SANS Technical Fibers, which manufactures and markets specialty nylon industrial yarns for niche markets. The company also owns about 7,400 acres of land and rental properties in South Africa.