28 October 2011 10:37 [Source: ICIS news]
SINGAPORE (ICIS)--German polymers firm Bayer MaterialScience said on Friday it has agreed to sell its fully-owned subsidiary Viverso to New Zealand-based polymer resins maker Nuplex Industries for €75m ($107m).
The company is divesting part of its conventional coating resins business that does not fit its growth strategy, the company said in a statement.
The transaction is expected to close by the end of 2011, and is still subject to the approval of the relevant antitrust authorities, it said.
“The transaction includes…all associated plants and assets and selected product groups that Viverso currently manufactures for companies of Bayer MaterialScience under a toll manufacturing agreement,” it added.
Bayer MaterialScience is a unit of German chemicals major Bayer.
($1 = €0.70)
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