OMNOVA Solutions has completed its acquisition of specialty chemicals manufacturer Eliokem International from AXA Private Equity. OMNOVA paid €227.5 million (~ $302 million) for ELIOKEM before subtracting ELIOKEM’s net debt and subject to working capital and capital expenditure adjustments.

“This combination creates a significantly enhanced, more diversified Performance Chemicals business that is well-positioned to serve customers on a global basis,” said Kevin McMullen, chairman and CEO of OMNOVA. “It contributes to all three of our company’s strategic objectives by providing entry into several new higher growth markets, expanding our portfolio of value-added technology solutions, and significantly broadening our global manufacturing footprint. Additionally, synergies are expected to provide savings in manufacturing, logistics, purchasing and SG&A by leveraging the resources of an integrated global team.”

While 75% of ELIOKEM’s sales are in product markets that OMNOVA has not previously served, ELIOKEM’s business model is similar to OMNOVA’s. Focusing on the same basic emulsion polymerization process, the acquisition adds a number of new acrylic, styrene butadiene and nitrile chemistries and applications, as well as complementary products for oil field and specialty latex applications.

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