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Asia Pacific Speciality Chemicals Acquisition

15 August 2002

Update On Asia Pacific Speciality Chemicals Acquisition


The Directors of Nuplex Industries Limited advise that the integration of Asia Pacific Specialty Chemicals (APS) is proceeding well and early indications are that APS is performing to initial expectations.

Nuplex management is moving rapidly to achieve the benefits from the synergies available through merging the businesses.

Nuplex’s APS offer closed on July 26 with Nuplex achieving a relevant interest in 95.1% of APS shares. Nuplex is currently proceeding to compulsory acquisition of the outstanding shares and executive share options.

Nuplex believes APS will add considerable strategic value to the Nuplex group and the targeted $210 million addition to Nuplex group sales appears achievable.

The acquisition price of A$0.74 per share was also comfortably below the net tangible asset backing of A$0.82 per share as reported by APS. Nuplex is conducting its own fair value assessment to determine the carrying value of the business.

The acquisition is projected to increase Nuplex’s earnings per share as well as broadening the business base for future growth. Of particular interest is the increased involvement in the supply of ingredients to the Australian and New Zealand food processing industry and the additional polymer production capacity now available to the Australian operation.

Nuplex will be able to provide a more detailed view of expected performance by the end of August.

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