NPX
30/06/2014 17:15
ASSET
REL: 1715 HRS Nuplex Industries Limited
ASSET: NPX: Sale of Investment in Quaker Joint Venture
NZX/ASX release 30 June 2014
Sale of 49% investment in Quaker joint venture for A$8 million
Nuplex Industries today announced the sale of its 49% investment in its joint
venture Quaker Chemical (Australasia) Pty Limited. The investment has been
sold to the joint venture partner, Quaker International for A$8 million.
Nuplex has entered into an agreement with Quaker International to continue to
be their Australian manufacturer for the next 5 years.
The sale of the 49% investment in Quaker Chemical (Australasia) Pty Limited
will have a positive contribution to the 2014 Financial Year net profit. As a
result Nuplex expects net profit after tax (NPAT) attributable to equity
holders of the parent company for the 2014 Financial Year, to be higher than
in the prior financial year, subject to any end of year accounting
adjustments. Previously Nuplex had expected NPAT attributable to equity
holders of the parent company for the 2014 Financial Year to be of a similar
level to the prior year.
In future years the sale of the 49% investment will decrease Nuplex's share
of associates by approximately $1 million per annum which will be offset by
the positive impact on operating margins in the ANZ Coating Resins business
unit as a result of the manufacturing arrangement and reduced funding costs.
For further information, please contact:
Josie Ashton, Investor Relations ? +612 8036 0906 ? [email protected]
End CA:00252243 For:NPX Type:ASSET Time:2014-06-30 17:15:37
