MELBOURNE, AUSTRALIA — Australia's only PVC resin manufacturer, Melbourne-based Australian Vinyls Corp. Ltd., will be sold via a public stock offering.
Australian Vinyls is a joint venture owned by Orica Ltd., formerly ICI Australia Ltd., and Auseon Ltd., which are both headquartered in Melbourne.
The venture's operations started in August, aiming to create an internationally competitive Australian vinyls business to match the scale and technology of world PVC players, and to compete with growing PVC imports, particularly from North America and Asia.
Mike Feehan, Orica corporate affairs manager, said the venture partners discussed the option of a public offering when the joint venture started. He said Orica wanted to sell its 62.6 percent share to concentrate on its core business of mining services, consumer products, chemicals and agricultural chemicals.
Australian Vinyls had performed well since its inception and had annual sales of more than A$200 million (US$118 million), he said. It has four plants in Victoria and an annual capacity of 513 million pounds.
Auseon, which manufactures PVC resin only, is wholly owned by Geon Co. of Avon Lake, Ohio.
Australian Vinyls shares will sell on the Australian Stock Exchange.