PRESS RELEASE
German version
Monheim/Auckland, November 14, 2007
Cognis and Nuplex close deal on G-Cure® acrylic polyol resins business
Cognis and Nuplex have signed a deal in which Nuplex acquires the G-Cure® business from Cognis. No fixed assets are included. The deal is in line with each company's focus on their core businesses.
The G-Cure® product line was part of the Functional Products business unit of Cognis. Mainly focused on the NAFTA region, the G-Cure® business generated net sales of approximately USD 13 million in 2006.
The business consists of acrylic polyol-based resins for the industrial coatings industry. G-Cure® products are sold primarily into the heavy- and light-duty industrial maintenance and automotive refinish markets. G-Cure® shows best-in-class performance and light-stability for high solids systems.
“As this business is not key to the Cognis strategy and has limited synergies with our other coatings activities, we feel that Nuplex is better positioned to realize its growth prospects” said Chris Toomey, Vice President Functional Products for NAFTA, in explaining the decision of Cognis. “We will now work closely with Nuplex to ensure a smooth transfer of the business operations.”
Mike Kelly, General Manager Americas of Nuplex Resins adds to that “Acrylic resins for the coatings industry is one of our key businesses. This product line is an excellent addition to our existing resins portfolio and enhances our ability to provide performance solutions to our customers and further underlines our commitment to provide innovative acrylic technology for the future.”
About Cognis
Cognis is a worldwide supplier of innovative specialty chemicals and nutritional ingredients, with a particular focus on the areas of wellness and sustainability. The company employs about 7,700 people, and it operates production sites and service centers in 30 countries. Cognis has dedicated its activities to a high level of sustainability and delivers natural source raw materials and ingredients for food, nutrition and healthcare markets, and the cosmetics, detergents and cleaners industries. Another main focus is on products for a number of other industries, such as coatings and inks, lubricants, textiles, as well as agriculture and mining. The subsidiary Pulcra Chemicals offers specialized chemical products and process expertise to customers in the fiber, textile, and leather industries. Cognis also holds a 50-percent stake in the joint venture Cognis Oleochemicals, one of the world's leading manufacturers of oleochemicals. Cognis is owned by private equity funds advised by Permira, GS Capital Partners, and SV Life Sciences. In 2006, Cognis recorded sales of 3.37 billion euros and an Adjusted EBITDA (operating result) of 394 million euros.
Contacts Cognis
Chris Toomey, Vice President Functional Products
Cognis Corporation
Phone: +1-513-482-3189
E-mail: chris.toomey@cognis.com
Internet: http://www.cognis.com/
Susanne Sengel, Senior Communications Manager
Cognis GmbH
Phone: +49-2173-4995-220
E-mail: susanne.sengel@cognis.com
Internet: http://www.cognis.com/
About Nuplex
Nuplex is an international group supplying key manufacturing inputs to the paint, printing ink, adhesive, textile, construction, paper and composites industries. It manufactures a broad range of resins in plants in New Zealand, Australia, Vietnam, Malaysia, Indonesia, China, The Netherlands, United Kingdom and the United States and exports globally. The business also distributes functional raw materials that are used in conjunction with resins in customers' formulations and processes. The Group also has a complementary agency and distribution business for high compliance life sciences markets together with materials for the plastics and chemicals industries, representing some of the world's leading raw material suppliers. It is also a key provider of specialty construction materials. The parent company, Nuplex Industries Limited is a public company listed on the New Zealand and Australia stock exchanges. For year ended 30 June 2007 the Nuplex Group recorded sales of NZ$1.45 billion and EBITDA of NZ$104 million.
Contacts Nuplex
John Hirst, Managing Director
Phone: +612 9666 0300 or +61417 133334