Bayer MaterialScience AG has signed a contract for the sale of its Viverso GmbH subsidiary to Nuplex Industries Ltd., for EUR 75 million.
The company is a leading manufacturer of polymer resins based in New Zealand and Australia. Bayer MaterialScience will thus divest a certain part of its conventional coating resins business, which does not fit the company's current growth strategy. Bayer MaterialScience is concentrating on products and areas of application characterized by a more pronounced innovation focus. The transaction is still subject to the approval by the relevant antitrust authorities. The sale is expected to close by the end of the year.
The transaction includes the Viverso GmbH including all associated plants and assets and selected product groups that Viverso currently manufactures for companies of Bayer MaterialScience under a toll manufacturing agreement. Also included in the sale are the Viverso, Roskydal®, Alkydal®, Tungophen® and Resistherm brands. All 165 employees will transfer with business under the same conditions.
Viverso was established in early 2008 with a specially developed business model centered around an internet-based, highly standardized distribution concept, and is headquartered in Bitterfeld, Germany.
With 2010 sales of EUR 10.2 billion, Bayer MaterialScience is among the world’s largest polymer companies. Business activities are focused on the manufacture of high-tech polymer materials and the development of innovative solutions for products used in many areas of daily life.
The main segments served are the automotive, electrical and electronics, construction and the sports and leisure industries. At the end of 2010, Bayer MaterialScience had 30 production sites and employed approximately 14,700 people around the globe. Bayer MaterialScience is a Bayer Group company.
With sales of NZ$1.7bn, Nuplex Industries is a leading, independent polymer resins manufacturer. With a global manufacturing network of 17 resins plants located throughout Asia, Australasia, Europe and North America, Nuplex has built a reputation with its global customer base for delivering high quality, innovative products.
Nuplex’s commitment to R&D underpins its dedication to finding tailored solutions to their customer’s challenges. In Europe, Nuplex’s operations are based in Bergen op Zoom, The Netherlands. Established in New Zealand over 50 years ago, today, Nuplex is listed on both the New Zealand Stock Exchange and the Australian Securities Exchange.
Bayer MaterialScience sells Viverso to Nuplex Industries