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Nuplex Resins Commences Production In China

Nuplex Resins Commences Production In China

Statement made by John Hirst, Managing Director, Nuplex Industries Limited

On 27 May 2004 we advised that Nuplex had signed an agreement to acquire the manufacturing and business assets of a privately owned resin manufacturer in the Guangdong Province of the Peoples Republic of China.

We are now pleased to advise that all the conditions precedent to completion have been satisfied and that Nuplex Resins (Foshan) Co. Ltd commenced business at the manufacturing facilities in Leliu Town as of 1 July 2004.

A Nuplex management team has been in place for some time in preparation for this new venture and has recruited 43 of the technical and production staff formerly employed by the previous owner.

Through the market development work conducted by staff at our China Representative Office over the last two and a half years we are confident in attracting business from the coatings market by offering the Nuplex range of resins. Nuplex has also signed an agreement with Guangdong Carpoly Chemical Group, a major independent manufacturer of decorative and industrial paints to supply a range of resin products.

The company intends to invest around US$5 million during stage one. In addition to acquiring the working assets there will be expenditure on improving safety, health and environmental protection to Nuplex’s standards. Process improvements and capacity expansions are planned over the first three years to build on a significant existing volume of business. The site has the ability to cater for a full range of coatings, adhesive and composite resins and other chemical processes, and further investment will be made as required.

Costs additional to maintaining a representative office in the region are expected to be in the order of NZ$0.5M in the first year of business. Conservative estimates are that the business should be profitable in the third year of operation.

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