OMNOVA Solutions Sells Dupo, Illinois Extrusion Assets; Reduces Fixed Cost
January 26 2009 - 5:04PM
PR Newswire (US)
FAIRLAWN, Ohio, Jan. 26 /PRNewswire-FirstCall/ -- OMNOVA Solutions
Inc. (NYSE:OMN) today announced the sale of production assets at
its leased Dupo, Illinois narrow gauge film extrusion facility to
Wiman Corporation, part of RTP Company's Sheet & Film Division.
"The sale of these non-strategic assets provides greater focus to
our core Decorative Products business and will reduce OMNOVA
Solutions' fixed costs," said Kevin McMullen, OMNOVA Solutions'
Chairman and Chief Executive Officer. "This action, in addition to
the $19 million in cost reductions previously announced and
completed, further strengthens OMNOVA's competitive position and
provides momentum for the Company in early 2009. "We look forward
to an ongoing supply relationship with the Dupo facility under
Wiman, and we are pleased that they intend to retain the current
workforce," McMullen added. OMNOVA Solutions Inc. is a
technology-based company with 2008 sales of $869 million and a
current workforce of 2,630 employees worldwide. OMNOVA is an
innovator of emulsion polymers, specialty chemicals, and decorative
and functional surfaces for a variety of commercial, industrial and
residential end-uses. Visit OMNOVA Solutions on the internet at
http://www.omnova.com/. DATASOURCE: OMNOVA Solutions Inc. CONTACT:
Sandi Noah, Communications, +1-330-869-4292, or Michael Hicks,
Investor Relations, +1-330-869-4411, both of OMNOVA Solutions Inc.
Web site: http://www.omnova.com/
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