On July 12, private equity investor Advent announced that it has signed an agreement to sell paint resin manufacturer Allnex to Thailand's National Petroleum Corporation for a price of 4 billion euros (about 30.7 billion yuan, based on the exchange rate of the day). Subsidiary PTT Global Chemical Co., Ltd. (PTTGC).
The transaction is expected to be completed in the fourth quarter of 2021, but still requires regulatory approval.
In 2013, Advent completed the acquisition of the amino resin business from Cytec and became an independent company. In 2016, the company acquired Nuplex, a resin manufacturer, to enhance its ability to enter emerging markets.
Allnex is a manufacturer of industrial coating resins. Its products are widely used in industries such as industry, metal, automobile and packaging, including powder resins, water-based industrial resins, curable resins, and cross-linked resins. Allnex has 33 production bases and 23 research and technical facilities around the world, with annual sales of approximately 2 billion euros.
The Asian coating resin market has strong growth potential. The two companies stated that the transaction will allow Allnex to gain more investment opportunities, achieve further expansion in emerging markets, and expand its influence in the Asia-Pacific region.
