- 8 November 2006 -
Nuplex acquires Huntsman’s Australian composites business

NUPLEX INDUSTRIES (Aust) Pty Ltd has signed a conditional agreement to acquire the composites business assets of Huntsman Chemical Company Australia Pty Ltd (HCCA), West Footscray, Australia, part of Huntsman’s Polymers division. The sale includes HCCA’s polyesters, vinyl esters and gel-coats manufacturing assets. It is expected to be completed by the end of the year.

Annual sales from the Huntsman composites business are approximately A$53 million. Nuplex will pay $9.6 million in cash for the assets, plus the value of inventory and other stock in trade at the completion date. A further amount will be payable over a three-year period if certain earnings targets are achieved. In the short-term HCCA will manufacture polyesters, vinyl esters and gel-coats on a toll basis to ensure supply to customers.

"The decision to sell this part of our business follows a comprehensive review of our operations, says the Huntsman managing director John Bentley. "Given the current difficult Australian market environment, we believe it makes good sense for us to sell our composites assets to a company for which composites are core products."

Huntsman; www.huntsman.com
Nuplex Industries; www.nuplex.co.nz

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