Allnex/Nuplex: Miguel Mantas becomes CEO of new combined company
Allnex announced that Miguel Mantas, currently Chief Executive Officer of Allnex, will become the CEO of the new company after the combination of Allnex and Nuplex, subject to European Commission clearance.
On February 15, Allnex, backed by its shareholder Advent International, entered into exclusive talks with Nuplex, a global manufacturer of resins listed in New Zealand and Australia, to explore a business combination of the two companies.
Signing a scheme of arrangement
In April, Allnex and Nuplex signed a scheme of arrangement, through which Nuplex and Allnex businesses would be combined.
Regulatory approvals have already been obtained from regulators in Australia, China, New Zealand, Russia and the United States. On July 7, Nuplex shareholders voted in favour of the scheme of arrangement. On July 22, the New Zealand High Court made orders approving the scheme, subject to the satisfaction or waiver of conditions described in the scheme booklet. The last remaining condition before closing is European Commission clearance.
Completion in mid-September 2016
Currently, completion is expected to occur in mid-September 2016, following the receipt of European Commission approval in early September 2016. “There is a strong strategic logic for combining Allnex and Nuplex,” said Ron Ayles, a Managing Partner at Advent International and head of the firm’s global chemicals practice. “If European Commission clearance is granted, together, the two companies would become one of the leading global coating resins producers.”
Wider global manufacturing network
Rich Alexander, Chairman of the Allnex Advisory Committee, said, “I am convinced Miguel’s experience and insights will allow the combined company to move forward to great success and to the benefit of both Allnex and Nuplex customers. Customers would benefit from access to a wider global manufacturing network, as well as broader and more innovative product offerings.”
