Beachwood-based OMNOVA Solutions Inc. announced July 3 it entered into an agreement to be acquired by Synthomer plc, a British chemical company, for $10.15 per share in cash.
According to a statement by OMNOVA CEO Anne Noonan, the transaction has been approved by the board of directors for both OMNOVA and Synthomer.
“We are pleased that Synthomer recognizes the hard work of our employees in executing our multi-year transformation into a leading global specialty solutions provider,” said Noonan in the statement. “OMNOVA complements Synthomer culturally, geographically and by market, while Synthomer’s financial position provides for a very strong combined company that will be well positioned to accelerate growth. This transaction presents increased opportunities for the business and its employees to leverage the combined scale, grow more quickly and profitably and enhance product innovation in ways that will benefit customers and employees.”
The transaction is subject to customary closing conditions, including receipt of regulatory approvals and approvals from shareholders of both companies. The sale is not contingent on obtaining financing and is expected to close in late 2019 or early 2020.
It is unclear if the sale will affect operations at OMNOVA’s world headquarters on Harvard Road in Beachwood or if any jobs will be affected.
OMNOVA relocated to Beachwood from Fairlawn in 2014.