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Advent to sell coating resins maker Allnex to PTT Global Chemical for around USD4.75 billion

July 13/2021

MOSCOW (MRC) -- Buyout group Advent has agreed to sell German coating resins maker Allnex to Thailandís PTT Global Chemical (PTTGC) for around EUR4 billion (USD4.75 billion), reported Reuters with reference to the companies'  statements on Monday.

Allnex, whose products are used in the industrial metal, automotive and packaging industries, has annual revenue of EUR2 billion and employs 4,000 employees worldwide. The deal values Allnex at 12.2 times its annual core earnings.

Advent acquired Cytec Industriesí coating resins business in 2013, rebranded it Allnex and merged it with peer Nuplex in 2016.

PTTGC is a unit of Thailandís energy group PTT, which is seeking to strengthen its chemicals business. The deal will improve Allnexí access to raw materials and to the Asian market, which has strong growth potential for coating resins, the companies said.

The deal is expected to close in the fourth quarter of 2021.

As MRC wrote previously, PTTGC abruptly shut down three crackers at its petrochemical complex in Map Ta Phut on 14 April 2021 after a thunderstorm caused a power outage. No. 1 and 4 crackers and the recently launched No. 5 cracker on the site were off-line for around one week. The production capacities of No. 1 and 4 crackers are 461,000 and 515,000 mt/year of ethylene, whereas the new cracker can produce 500,000 mt/year of ethylene and 260,000 mt/year of propylene.

PTT Global Chemical is a leading player in the petrochemical industry and owns several petrochemical facilities with a combined capacity of 8.45 million tonnes a year.
Author:Margaret Volkova
Tags:propylene, ethylene, coatings, car components, packaging, paints and coatings, PTT Chemical, Germany, Thailand.
Category:General News
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