Synthomer: Acquisition of Omnova Solutions
Synthomer plc announced that it has agreed to acquire the entire issued and to be issued share capital of Omnova Solutions Inc., which develops, manufactures and markets polymers, dispersions, elastomers and other speciality chemicals. The acquisition is expected to complete in late 2019 / early 2020 following receipt of regulatory approvals and satisfaction of other closing conditions.
Omnova is a supplier of emulsion polymers, speciality chemicals, and functional and decorative surfaces. The company offers a wide range of technical solutions for various industries such as coatings, adhesives, oilfield, paper, carpet and laminates. The business employs approximately 1,900 employees and operates thirteen sites across the USA, Europe and Asia.
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 speciality 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.”