NPX
01/12/2014 08:31
GENERAL
NOT PRICE SENSITIVE
REL: 0831 HRS Nuplex Industries Limited
GENERAL: NPX: Nuplex Specialties & Masterbatch sale completed
NZX/ASX release 28 November 2014
NUPLEX SPECIALTIES AND MASTERBATCH SALE COMPLETED
Further to the announcement of 22 October, 2014, Nuplex Industries (NPX)
advises that it has completed the sale of the Australian and New Zealand
based Specialties and Masterbatch businesses.
Nuplex announced in October that it had entered into an agreement to sell its
agency & distribution business, Nuplex Specialties, and its plastic additives
business, Nuplex Masterbatch, to Axieo Pty Limited, a newly created company
that has been formed with support from funds advised by CHAMP Private Equity
(CHAMP) for A$127.5 million.
In relation to the Masterbatch operations in Vietnam, as was expected, work
continues on obtaining the regulatory approvals and both parties continue to
expect the sale of these assets to be completed in the first half of 2015.
The profit on sale will be included in the interim financial results released
in February 2015.
As previously announced, the sale proceeds will be used initially to pay down
debt. The Board is taking the opportunity created by the increased financial
flexibility arising from the divestment of these two businesses to assess how
best to continue progressing Nuplex's strategy to maximise value for
shareholders.
Nuplex expects this review to be completed in the fourth quarter of the 2015
Financial Year.
Nuplex CEO Emery Severin said: Importantly, as previously stated, the
expected growth outlook for the Company is not reduced by the divestment of
Nuplex Specialties and Masterbatch and we continue to expect to deliver
improved returns and earnings growth in the short to medium term as a result
of the strategic initiatives already undertaken over the past few years."
ENDS
For further information, please contact:
Josie Ashton, Investor Relations ? +612 8036 0906 ? [email protected]
End CA:00258300 For:NPX Type:GENERAL Time:2014-12-01 08:31:29
