Bayer MaterialScience AG has signed a contract for the sale of its Viverso GmbH subsidiary to Nuplex Industries Ltd. for €75 million (~ $105 million). Viverso is a leading manufacturer of polymer resins based in New Zealand and Australia. Bayer MaterialScience will divest part of its conventional coating resins business, which does not fit the company’s current growth strategy. Bayer MaterialScience reports it is concentrating on products and areas of application characterized by a more pronounced innovation focus. The transaction is subject to the approval by the relevant antitrust authorities, and is expected to close by the end of the year.

The transaction includes 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 the business under the same conditions.

For more information, visit www.nuplex.co.nz or www.bayermaterialscience.com.