Synthomer Announces Agreement to Acquire OMNOVA Solutions
OMNOVA Solutions employs approximately 1,900 people and operates 13 sites across the U.S., Europe, and Asia.
Synthomer plc recently announced that it has reached an agreement with OMNOVA Solutions Inc. on the terms of a recommended acquisition of the entire issued and to-be-issued share capital of OMNOVA. The acquisition is expected to be completed in late 2019/early 2020 following receipt of regulatory approvals and satisfaction of other closing conditions.
OMNOVA is a supplier of emulsion polymers, specialty chemicals, and functional and decorative surfaces. It offers a wide range of technical solutions for industries such as coatings, adhesives, oilfield, paper, carpet, and laminates. The business employs approximately 1,900 people and operates 13 sites across the U.S., Europe, and Asia.
“This transaction is an important step in the continued execution of Synthomer’s strategy with an acquisition that is both strategically and financially compelling,” said Calum MacLean, chief executive of Synthomer. “The acquisition of OMNOVA represents an attractive opportunity to materially expand our international business into North America and expand our presence in Europe and Asia, creating a global specialty chemical company.
“The acquisition provides an attractive financial profile with significant expected synergy benefits. Synthomer has been disciplined waiting for the right opportunity to deliver value through our inorganic growth strategy and this acquisition will provide an additional platform for Synthomer to continue to grow into the medium term. I am delighted to welcome OMNOVA employees to the business and look forward to working with them to take the combined business to the next level.”