Nuplex Industries, which makes resins used in industrial coatings and paint, is forecasting a 64 per cent gain in sales in Asia by 2018 as its expansion of plants in China, Vietnam, Thailand and Indonesia bears fruit.
The Auckland company expects sales from Asia of about US$400 million by the end of 2018, up from US$243 million in 2014, according to a presentation for an investor day.
The company expects double-digit growth in Asian earnings before interest, tax, depreciation and amortisation in 2016 through 2018.
Nuplex has been cutting back operations in Australia and New Zealand, where a weaker performance is weighing on growth in Asia, America and Europe.
In November it sold its Australasian agency and distribution business, Nuplex Specialties, and its plastic additives business, Nuplex Masterbatch, for A$127.5 million to focus on global resins. It used the proceeds to reduce debt and is buying back as much as 5 per cent of its shares.