Nuplex Industries says its purchase of an Australian chemical additives business is an example of the company's growth strategy in seeking out valuable, "bolt-on" acquisitions.
The Sydney-based speciality chemicals and resins manufacturer has gained regulatory clearance from the Australian Competition and Consumer Commission to acquire for A$23.5 million ($29.5 million) the Masterbatch business of privately owned Acquos, a Melbourne chemical firm.
Acquos Masterbatch manufactures additives - known as masterbatch - that colour and enhance the performance of plastics used in consumer packaging, as well as industrial and agricultural applications such as wire coatings and plastic sheeting.
Nuplex said Masterbatch was complementary to its existing Australasian masterbatch business, Culamix, and would give the ASX- and NZX-listed firm new colour technologies and the capability to manufacture black masterbatch.
Culamix and Masterbatch would be combined to form Nuplex Masterbatch, which would be the leading masterbatch supplier to the Australasian plastics industry, the firm said.
