22 Jan 2012

Nuplex extends Russia investment

5:40 am on 22 January 2012

Chemicals and resins maker Nuplex Industries is expanding its presence in Russia.

The listed company will form a joint venture with KVIL Group and invest 3.5 million euro, initially to market and sell resin products produced by the two firms.

Nuplex says the joint venture plans to build a resins manufacturing plant in Russia within the next two years, which will allow it to participate in the growing Russian coatings market.

Chief executive Emergy Severin says the company decided to go the joint venture because it's a low-risk way of expand its presence in Russia, and get some experience before investing more in a manufacturing site.

Last year, Nuplex bougght German resin and coatings manufacturer Viverso for 75 million euros and Masterbatch from Acquos for $A23.5 million.