Synthomer Acquires Omnova Solutions Inc.
MARL, Germany — Specialty chemicals provider Synthomer plc has reached an agreement with OMNOVA Solutions Inc. on the terms of an acquisition of OMNOVA. Completion of the acquisition is expected in late 2019 or early 2020, following regulatory approvals and satisfaction of other closing conditions.
OMNOVA is a major supplier of emulsion polymers, specialty chemicals, and functional and decorative surfaces that enhance the performance of customers’ products around the globe. It offers a wide range of technical solutions for various industries such as coatings, adhesives, oilfield, paper, carpet and laminates. The business employs approximately 1900 employees and operates 13 sites across the United States, Europe and Asia.
Commenting on the announcement, Calum MacLean, Chief Executive of Synthomer, said, "This transaction is an important step in the continued execution of Synthomer’s strategy with an acquisition that is both strategically and financially compelling. 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."