Bayer MaterialScience AG has signed a contract for the sale of its Viverso GmbH subsidiary to Nuplex Industries Ltd., for €75 million. The company is a manufacturer of polymer resins based in New Zealand and Australia. Bayer MaterialScience will thus divest a certain part of its conventional coating resins business, which does not fit the company's current growth strategy. Bayer MaterialScience said it is concentrating on products and areas of application characterized by a more pronounced innovation focus. The transaction is still subject to the approval by the relevant antitrust authorities. The sale is expected to close by the end of the year.

The transaction includes the Viverso GmbH including all associated plants and assets and selected product groups that Viverso currently manufactures for companies of Bayer MaterialScience under a toll manufacturing agreement. Also included in the sale are the Viverso, Roskydal, Alkydal, Tungophen and Resistherm brands. All 165 employees will transfer with business under the same conditions.

Viverso was established in early 2008 with a specially developed business model centered around an internet-based, highly standardized distribution concept, and is headquartered in Bitterfeld, Germany.