The acquisition materially strengthens Synthomer's presence in North America, as well as increases its presence in Europe and Asia, including further penetration into the high growth Chinese market.
The acquisition is expected to result in estimated recurring run-rate pre-tax cost synergies of $29.6 million per annum by the end of the third year following completion.
The acquisition is expected to be earnings accretive in the first full financial year following completion and strongly accretive thereafter.
OMNOVA will be integrated into Synthomer accounts with immediate effect.
“I am very grateful to everyone who has helped us complete our acquisition of OMNOVA in a relatively short time frame following the initial announcement of the transaction at the start of July," Synthomer CEO Calum MacLean said. "Synthomer now has a global reach, a broader product portfolio and increased R&D capabilities with an exciting platform from which to attract talent and invest in future growth. We have already made strong progress to bring our businesses and I look forward to working closely with new colleagues around the world to take Synthomer forward.”