BRUSSELS – Resins supplier 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.
In April of this year, Allnex and Nuplex signed an agreement to combine the two businesses. Regulatory approvals have already been obtained from regulators in Australia, China, New Zealand, Russia and the United States. In July, Nuplex shareholders voted in favor of the agreement, and the New Zealand High Court made orders approving the scheme. Completion is currently expected to occur in mid-September 2016, following the receipt of European Commission approval in early September 2016.
Allnex, formerly Cytec Industries' Coating Resins business and acquired by private equity firm Advent International in 2013, is a global producer of coatings resins and additives for architectural, industrial, protective, automotive and special-purpose coatings and inks.
Headquartered in North Sydney, Australia, Nuplex manufactures resins used in coatings and structural materials, rheology control coatings, and performance and industrial coatings.