“The decision to choose Frankfurt for the future company’s headquarters was taken with the intention of establishing a new location, symbolizing a fresh start for our new company. We look forward to a future of strength, growth and diversity,” said Rich Alexander, former Executive Vice President of PPG, who will act as Chairman of the new company’s Advisory Committee.
As was announced recently, Miguel Mantas, who joined Allnex as CEO at the beginning of 2016, will become the CEO of the new company. He commented: “We will be stronger as one. Allnex and Nuplex share a commitment to high quality, innovation and responsiveness to the needs of customers in the coating resins sector. I am proud to be bringing our two companies together, and I am confident that our combined expertise will allow the new entity to move forward to great success.”
Ron Ayles, a Managing Partner at Advent International and head of the firm’s global chemicals practice, said, “There is a strong strategic logic for combining Allnex and Nuplex. The new company will be the leading global industrial coating resins producer. One of the most important results of this business combination will be that customers will have access to a wider global manufacturing network, and broader and more innovative product ranges based on state-of-the art technologies.”
The transaction is expected to be completed on September 13, 2016. The corporate identity of the new company will be announced on that day.