OMNOVA Solutions Announces Intention to Acquire Eliokem
November 1, 2010
FAIRLAWN, OH – OMNOVA Solutions Inc. has entered into an agreement with AXA Private Equity granting the company a period of exclusivity to acquire specialty chemicals manufacturer Eliokem International. Closing of the proposed transaction is subject to consultation with Eliokem’s Works Council in France, completion of a definitive agreement, regulatory approvals, financing and other customary conditions. Subject to these conditions, the company anticipates completion of the transaction by the end of 2010. Under the proposed transaction, OMNOVA will pay EUR 227.5 million for Eliokem.