Nuplex buys Viverso from Bayer
Viverso's factory in Bitterfield employs 165 people and would increase Nuplex's regional capacity by 50%.
Nuplex has agreed to buy Bayer's Viverso resin and coating company in Germany for €75 million.
Nuplex CEO, Emery Severin said in a statement to the NZX: “This is a very attractive opportunity for Nuplex and consistent with our strategy to establish leading market positions through value accretive, bolt-on acquisitions. Being a focused, independent resins business, Viverso’s complementary operations are a natural fit with our own European operations.|
“Viverso further strengthens a number of our leading market positions in Europe, particularly in the industrial coatings markets. It also expands our product range and include; Viverso’s environmentally friendly, solvent free, water resistant resins used in construction coatings; resins for putties used in vehicle refinish; and resins offering unique chemical resistance and high temperature performance. We see opportunities to leverage these new products across our global operations." he said.
The agreement includes a range of contracts, between 2 and 10 years in length to manufacture specialty products for Bayer.
Viverso's factory in Bitterfield employs 165 people and would increase Nuplex's regional capacity by 50%.
The price paid is equivalent to 6.5 times EBITA and Nuplex said the purchase was 100% financed by debt.
The transaction is subject to German regulatory approval, and is expected to be completed by the end of 2011.
Matt Nippert
Fri, 28 Oct 2011
Fri, 28 Oct 2011
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
Nuplex buys Viverso from Bayer
17575