In January 2007, Huntsman Corporation announced that Huntsman
Chemical Company Australia Pty Ltd, a part of the Huntsman's Base Chemicals and
Polymers division, has completed the previously announced sale of its Polyester
Resins (composites) business assets to Nuplex Industries Ltd (Nuplex) for A$9.6
million (approx. U.S.$7.5 million) in cash plus the value of inventory and other
stock in trade at the completion date, for a total transaction value of A$20.3
The transaction further includes additional consideration payable over a three year period upon achieving certain associated earnings targets. The assets sold include HCCA's polyesters, vinylesters and gelcoats manufacturing assets. Annual sales from the business total approximately A$53 million.
Nuplex Industries Ltd has come over the top of Symex Holdings Ltd and launched a $47 million takeover offer for Asia Pacific Speciality Chemicals Ltd (APS). (May 2002)
The New Zealand chemicals company has offered 70 cents per share cash for APS, a 7.7 per cent or five cent premium over Symex's 65 cents per share offer. Symex, 19.9 per cent stakeholder in APS, launched the bid earlier this month after merger plans between the the two companies were foiled by an unfavourable tax office ruling. Nuplex's offer is subject to a number of conditions, including regulatory approval and achieving at least 90 per cent of all APS shares on issue.
In July 2002, Symex sold its shareholding to Nuplex completing the steps to achieve a complete takeover making it Australasia's largest manufacturer of resins for coating, adhesives, composites and paper, and distributor of other functional chemicals.
See also Symex.
The company is purchasing APS chemicals which manufactures polymer stabilisers, lubricants etc that require fatty acids as produced by Symex. As such there is some synergy between the companies but could be seen as a first step by Symex to adding value to its commodity chemicals (though only a small proportion of its oleochemicals would be used by APS. APS has been underperforming for some years and was the subject of a takeover by a small acrylic chemical producer, Acrylco.
Brothers Frank and Valentino De Fazio, of De Fazio Chemicals, and third shareholder and director designate Sergio Tribuzio, held a 33 per cent stake in Asia Pacific Specialty Chemicals (APSC) have announced a merger with Symex Holdings Ltd.
Their position began with APS when they overturned the board at an extraordinary meeting on June 29, 2001 instigated because of its “poor performance and the board's lack of vision”. APSC chief executive Frank De Fazio said that while generating recent revenues of around $200 million, the company had been unable to deliver profits and returns to shareholders. De Fazio will join the Symex board following the completion of the merger.
Symex chairman Alan Stockdale said "the merger is the first move by the company since listing to invest in complementary businesses whose growth potential will be realised from the injection of Symex's proven management expertise and manufacturing capacity," Under the scheme of arrangement, APSC shareholders would be offered a payment 55 cents per share represented by a fully franked dividend of 25 cents and 30 cents cash, valuing APSC at $37 million.
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