International.
Allnex, a supplier of resins for architectural, industrial, OEM and specialty coatings has announced that Miguel Mantas, currently CEO of Allnex, will become the CEO of the new company after the combination of Allnex and Nuplex, subject to accreditation by the European Commission.
On February 15, Allnex, backed by its shareholder Advent International, entered into exclusive negotiations with Nuplex, a global resin manufacturer listed in New Zealand and Australia, to explore a business combination of the two companies. In April, Allnex and Nuplex signed an agreement with creditors in April, combining nuplex and Allnex businesses.
Regulatory approvals have already been obtained from regulators in Australia, China, New Zealand, Russia and the United States. On July 7, Nuplex shareholders voted in favor of the settlement scheme. On 22 July, the High Court of New Zealand made orders approving the scheme subject to the satisfaction or waiver of the conditions described in the plan prospectus. The last remaining condition before closure is an accreditation from the European Commission.
Rich Alexander, Chairman of Allnex's Advisory Committee, said: "I am convinced that Miguel's experience and knowledge will enable the combined company to move forward with great success and for the benefit of Allnex and Nuplex customers. Customers will benefit from access to a broader global manufacturing network, as well as more innovative product offerings."
