30.7 billion yuan! Within 7 days, another large chemical company was sold by its shareholders

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On July 12, private equity investor Advent announced that it had signed an agreement to sell Allnex, a manufacturer of industrial coating resins, to PTT Global Chemical Public Company Limited, a subsidiary of Thai **Oil, for 4 billion euros (approximately 30.7 billion yuan at the exchange rate on that day). The deal is expected to be completed in the fourth quarter of 2021, but it still requires approval from regulatory authorities. In 2013, Advent completed the acquisition of the amino resin business from Cytec, and it became an independent company named Zhanxin. In 2016, the company acquired resin manufacturer Nuplex to enhance its ability to enter emerging markets. Zhanxin is a manufacturer of industrial coating resins, whose products are widely used in industries such as manufacturing, metal processing, automotive, and packaging. These products include powder resins, water-based industrial resins, curable resins, and cross-linked resins. Zhanxin has 33 production facilities and 23 research and technology centers worldwide, with annual sales of around 2 billion euros. The Asian coating resin market has strong potential for growth. The two companies said that this deal will enable Zhanxin to access more investment opportunities, facilitate further expansion in emerging markets, and strengthen its influence in the Asia-Pacific region.