BRUSSELS – The European Commission has granted clearance for Allnex and Nuplex to combine their businesses. The clearance is one of the final milestones in the process of creating what is intended to be a leading industrial coatings resins company. Upon closing, the new headquarters of the combined company will be Frankfurt, Germany.
“The decision to choose Frankfurt for the future company’s headquarters was taken with the intention of establishing a new location, symbolizing a fresh start for our new company. We look forward to a future of strength, growth and diversity,” said Rich Alexander, former Executive Vice President of PPG, who will act as Chairman of the new company’s Advisory Committee.
As was announced recently, Miguel Mantas, who joined Allnex as CEO at the beginning of 2016, will become the CEO of the new company.
The transaction is expected to close on September 13, 2016. The corporate identity of the new company will be announced on that day.