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Nuplex Industries announced that its European business, Nuplex Resins BV, has signed a memorandum of understanding (MOU) with KVIL Group (KVIL), a Russian paint and resins producer.
Initially, the 50:50 joint venture (JV) will be responsible for the exclusive sales and marketing of resins produced by KVIL and Nuplex and Nuplex will invest €3.5M mainly for working capital.
The MOU also provides for the JV to build a resins manufacturing site at Belgorod, Russia, within a period of two years, subject to market conditions at an estimated cost of around €20M.
