By Liz White, UT staffArnhem, the Netherlands-Akzo Nobel has sold its coatings resins business to Nuplex Industries Ltd, following Nuplex’s offer in October 2004 of Euro 110 million for the business-free of cash and debt. Sales of the coating resins unit were Euro 256 million in 2003, with earnings (EBITDA) of Euro 18 million before corporate charges. Auckland, New Zealand-headquartered Nuplex specialises in resins for the paint, adhesive, ink, fibreglass and paper industries, as well as protective and decorative floor toppings, waterproofing and specialised plasters.The business sold includes holdings in joint ventures in Malaysia, Indonesia and Thailand. Other key locations are in the UK and the US. All employees-some 850, a third of which are located in the Netherlands-will transfer with the business, said Akzo Nobel. “The acquisition will transform Nuplex from an Australasian/Asian regional business into a global group, with sales well in excess of NZ $1000 million,” said John Hirst, Nuplex’s executive director, in a statement on the buy. “In acquiring the coating resins group, Nuplex will take ownership of recognised leading technology in the development, manufacture and marketing of high performance resins, as well as access to a strong research and development function,” he said. Nuplex also gains “a strong management team with global marketing experience and an understanding of world-class process technology,” Hirst added. “
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