News: Nuplex divests businesses for $127.5M

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Nuplex Industries Limited (ASX:NPX, NZE:NPX) has sold its agency and distribution and masterbatch businesses for $127.5 million. 

The resins manufacturer will divest its Nuplex Specialties and Nuplex Masterbatch businesses to Axieo Pty Ltd. 

Axieo is a newly created company which has been formed with the support of funds advised by CHAMP Private Equity. 

Nuplex Chairman Peter Springford says both businesses have become increasingly non-core and the purchase price is an attractive one. 

Mr Springford has also advised the divestment are in line with Nuplex’s strategy to focus on its global resins business. 

Nuplex Industries reported a net profit of $50.78 million in the full 2014 financial year.