ARNHEM, the Netherlands - Akzo Nobel announced plans to sell its Coatings Resins business to Nuplex Industries Ltd. of New Zealand for 110 million euros, or approximately $137 million. The sale concludes a major portion of Akzo Nobel's plans to divest a number of businesses, with the divestment program expected to generate about 1 billion euros when the Coating Resins sale is completed in the current quarter. Akzo Nobel announced plans to sell the business in September of 2003.
Nuplex Industries, headquartered in Auckland, New Zealand, specializes in the production of resins for paint, adhesives, ink, fiberglass, paper, protective and decorative flooring materials, waterproofing products, and specialized plasters.