Nuplex acquire Bayer’s Viverso operations in Germany

Nuplex to acquire Bayer’s Viverso operations in Germany

5:28 AM, 31st October 2011
Nuplex to acquire Bayer’s Viverso operations in Germany
Emery Severin, CEO, Nuplex.

AUCKLAND, NEW ZEALAND: Nuplex Industries will acquire Viverso GmbH, its related operations and product groups from Bayer MaterialScience for €75 million. Viverso manufactures resins used in coatings and putties from its world class, state-of-the-art facility located in Bitterfeld, Germany. The price paid is equivalent to 6.5 times annual, pro-forma EBITDA.

In FY2012, Viverso is expected to be earnings per share accretive for Nuplex shareholders. Earnings are expected to grow in coming years as synergies are realised. The acquisition will be 100 per cent debt funded. Subject to German regulatory approval, the transaction is expected to be completed by the end of 2011.

This is a strategic, bolt-on acquisition that will be earnings accretive in this financial year. “The combination will result in Nuplex becoming a top four resins manufacturer in the region. We will also enter into a range of contracts from 2 to 10 years in length, to toll manufacture specialty, trademarked products for Bayer,” said Emery Severin, CEO, Nuplex.

“Having an on-the-ground presence in Germany will give us greater access to the German industrial market. It will also provide us with closer proximity to the emerging Central and Eastern European economies. The site in Bitterfeld will increase Nuplex’s regional capacity by around 50 per cent and has the capacity to assist in facilitating our planned growth opportunities,” added Severin.

(C) WOC News

 

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