LONDON, July 3, 2019 (Press Release) -Synthomer plc ("Synthomer" or the "Company"), a FTSE 250 speciality chemicals company, and one of the world’s major suppliers of aqueous polymers, is pleased to announce that it has reached an agreement with OMNOVA Solutions Inc. ("OMNOVA"), which develops, manufactures and markets polymers, dispersions, elastomers and other speciality chemicals, on the terms of a recommended acquisition of the entire issued and to be issued share capital of OMNOVA. 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 major supplier of emulsion polymers, speciality 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 thirteen sites across the US, Europe and Asia.
Commenting on today's 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 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.
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."