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Nuplex Enters Agreement to Buy Bayer’s Viverso Operations in Germany

  • Tuesday, 1st November 2011
  • Reading time: about 3 minutes

Nuplex Industries has entered into a binding agreement to acquire Viverso and its related operations and product groups from Bayer MaterialScience (BMS) for €75 million.

Nuplex Industries has entered into a binding agreement to acquire Viverso and its related operations and product groups from Bayer MaterialScience (BMS) for €75 million.

Viverso manufactures resins used in coatings and putties from its facility located in Bitterfeld, Germany. Nuplex explain this is a strategic, bolt-on acquisition that will be earnings accretive in this financial year. Nuplex CEO, Emery Severin said “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.”

“The combination of Viverso with Nuplex’s European operations will deliver a number of benefits and will result in Nuplex becoming a top four resins manufacturer in the region. “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.”

“We will also enter into a range of contracts from 2 to 10 years in length, to toll manufacture specialty, trademarked products for Bayer. 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, where Viverso has strong market positions. Through new and strengthened product capabilities, as well as a broader geographic footprint in Europe, Viverso provides a strong platform for future earnings growth.”

“Commissioned in 1995, the site in Bitterfeld will increase Nuplex’s regional capacity by around 50% and has the capacity to assist in facilitating our planned growth opportunities. Bitterfeld is considered one of the most efficient and flexible resins plants in Europe and is run by 165 experienced employees who will join Nuplex in the coming months,” Mr Severin said.

Combining the expected positive earnings contribution from Viverso with the earnings generated by our existing operations, and the recently announced acquisition of Acquos’s Masterbatch operations, Nuplex expects to deliver approximately 10% year on year EBITDA growth in FY2012.

Under the agreement, Nuplex say they will pay €75 million for Viverso GmbH, its operations, working capital and additional products also manufactured at Bitterfeld. The price paid is equivalent to 6.5 times annual, pro-forma EBITDA.

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