Advent sells coating resins maker Allnex to Thailand’s PTTGC for $4.75b

Bangkok, Thailand. Photo by Aaron Thomas on Unsplash

Buyout group Advent has agreed to sell German coating resins maker Allnex to  Thailand’s PTT Global Chemical for around 4 billion euros ($4.75 billion), the companies said on Monday.

Allnex, whose products are used in the industrial metal, automotive and packaging industries, has annual revenue of 2 billion euros and employs 4,000 employees worldwide. The deal values Allnex at 12.2 times its annual core earnings.

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

PTTGC is a unit of Thailand’s energy group PTT, which is seeking to strengthen its chemicals business. The deal will improve Allnex‘ 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.

Reuters

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

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  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.