Nuplex Industries Limited has entered into an agreement to sell the assets of its ANZ based Nuplex Pulp & Paper business to Solenis Australia Pty Limited for A$21 million ($16 million). The sale is expected to be completed before 30 June 2016.
With the assistance of technology licensed from Solenis, Pulp & Paper has successfully manufactured and supplied chemicals to the Australian and New Zealand pulp and paper industries for over 50 years.
It is intended that employees and the manufacturing site located in Springvale, Victoria, Australia will be transferred with the sale.
Nuplex CEO Mr Emery Severin said. “Given our global operations and specialisation in resins for surface coatings, the Pulp & Paper business is no longer core to Nuplex’s future. It has been a good business over the years, and the Pulp & Paper team are amongst the best in their industry. It is a natural fit for our technology partner Solenis, and I wish the team the very best for the future.”