said it reached an agreement with OMNOVA Solutions Inc., which develops, manufactures and markets polymers, dispersions, elastomers and other specialty 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 be completed in late 2019/early 2020 following receipt of regulatory approvals and satisfaction of other closing conditions.
OMNOVA employs approximately 1,900 employees and operates 13 sites across the U.S., Europe and Asia.
"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," said Calum MacLean, chief executive of Synthomer. "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."