BEACHWOOD, Ohio, Jan. 15, 2020 /PRNewswire/ -- OMNOVA
Solutions Inc. (NYSE: OMN) announced today that its proposed
acquisition by Synthomer plc has been approved by the European
Commission, subject to Synthomer's divestiture of its small
Germany-based vinyl pyridine latex
business. Synthomer has received expressions of interest from a
number of potential buyers.
Synthomer expects to receive the remaining regulatory approval
for the acquisition from Turkey in
early February. OMNOVA continues to expect the acquisition to be
completed in early 2020.
About OMNOVA
OMNOVA Solutions Inc. is a global innovator of
performance-enhancing chemistries and surfaces used in products for
a variety of commercial, industrial and residential applications.
As a strategic business-to-business supplier, OMNOVA provides
The Science in Better Brands, with emulsion polymers,
specialty chemicals, and functional and decorative surfaces that
deliver critical performance attributes to top brand-name, end-use
products sold around the world. OMNOVA's sales for the last twelve
months ended August 30, 2019 were
approximately $758 million. The
Company has a global workforce of approximately 1,900. Visit OMNOVA
Solutions on the internet at www.omnova.com.
About Synthomer
Synthomer is a top-five global supplier of emulsion
and specialty polymers, producing innovative formulations to
support customers in a range of industries, from construction
through paints and coatings to healthcare. With headquarters
in London, the Group operates 25
production sites, four global R&D centers and has sales in all
geographies. Synthomer has a strong track record of organic
growth and progress has been further underpinned by three bolt-on
acquisitions since 2016. The Group has approximately 2,900
employees and reported FY 2018 revenues of £1.6 billion
($2.1 billion USD).
www.synthomer.com
Cautionary Note Regarding Forward-Looking Statements
Forward-looking statements within this press release are made in
reliance upon the safe harbor of the Private Securities Litigation
Reform Act of 1995, including, without limitation, statements made
concerning the Synthomer's acquisition of OMNOVA. As a general
matter, forward-looking statements are those focused upon
anticipated events or trends, expectations, and beliefs relating to
matters that are not historical in nature. Such forward-looking
statements are subject to uncertainties and factors relating to
OMNOVA's operations and business environment, all of which are
difficult to predict and many of which are beyond the control of
OMNOVA. Among others, the following uncertainties and other factors
could cause actual results to differ from those set forth in the
forward-looking statements: (i) the risk that the merger may not be
consummated in a timely manner, if at all; (ii) the risk that the
definitive merger agreement may be terminated in circumstances that
require OMNOVA to pay Synthomer a termination fee; (iii) risks
related to the diversion of management's attention from OMNOVA's
ongoing business operations; (iv) the effect of the announcement of
the proposed merger on OMNOVA's business relationships (including,
without limitation, customers and suppliers), operating results and
business generally; (v) risks related to obtaining the requisite
consents to the proposed merger, including, without limitation, the
timing (including possible delays) and receipt of regulatory
clearance from governmental authorities (including any conditions,
limitations, or restrictions placed on these approvals) and the
risk that one or more governmental authorities may deny any such
approval; and (vi) the conditions of the capital markets during the
period covered by the forward-looking statements. Further risks
that could cause actual results to differ materially from those
matters expressed in or implied by such forward-looking statements
are set forth under "Risk Factors" in the Company's Annual Report
on Form 10-K for the fiscal year ended November 30, 2018, and its subsequent quarterly
reports on Form 10-Q. The Company does not undertake, and hereby
disclaims, any duty to update these forward-looking statements,
although its situation and circumstances may change in the
future.
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SOURCE OMNOVA Solutions Inc.
