On Feb. 15, 2016, Allnex, backed by its shareholder Advent International, entered into exclusive talks with Nuplex, a global manufacturer of resins listed in New Zealand and Australia, to explore a business combination of the two companies. In April, Allnex and Nuplex signed a scheme of arrangement in April, through which Nuplex and Allnex businesses would be combined.
Regulatory approvals have already been obtained from regulators in Australia, China, New Zealand, Russia and the US. On July 7, Nuplex shareholders voted in favor of the scheme of arrangement. On July 22, the New Zealand High Court made orders approving the scheme, subject to the satisfaction or waiver of conditions described in the scheme booklet. The last remaining condition before closing is European Commission clearance.
Currently, completion is expected to occur in mid-September 2016, following the receipt of European Commission approval in early September 2016.
“There is a strong strategic logic for combining Allnex and Nuplex,” said Ron Ayles, a managing partner at Advent International and head of the firm’s global chemicals practice. “If European Commission clearance is granted, together, the two companies would become one of the leading global coating resins producers.”
“I am convinced Miguel’s experience and insights will allow the combined company to move forward to great success and to the benefit of both Allnex and Nuplex customers,” said Rich Alexander, chairman of the Allnex Advisory Committee.