Thursday 8th December 2011
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Resins company Nuplex Industries said it has regulatory approval of its 75 million euro purchase of Viverso which will provide it resins production in Germany.
The company said it expects the purchase from Bayer MaterialSciences will be completed by the end of this month and integration planning is well underway to ensure a smooth transition.
When it announced the purchase in late October, Nuplex said the purchase would help lift 2012 earnings by about 10 percent.
Excluding the purchases of Viverso and the A$23.5 million Acquos' Masterbatch business announced in September, earnings before interest, tax, depreciation and amortisation for the year ending June 2012 would be little changed from the previous year's $130 million, it said.
Nuplex shares rose 0.8 percent to $2.42, above August's $2.26 low but will down from its 12 month high at $3.77 in February.
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