Nuplex shareholders showed their disappointment at the industrial chemical and resin maker's surprise restructuring news by wiping about $43 million off its market capitalisation yesterday.
Nuplex will shut four plants in New Zealand and Australia, while refurbishing four others, in response to less demand, and shed almost a tenth of its 800-strong Australasian workforce.
Nuplex shares closed 6.9 per cent lower at $2.95 yesterday.
Hamilton Hindin Greene client adviser James Smalley said the correction looked a little overdone, as most of the effects positioned the company for earnings growth.
Nuplex's Australasian operations president, Sam Bastounas, said the move was the only viable way to keep production in New Zealand and Australia. Fairfax NZ
- © Fairfax NZ News
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