FAIRLAWN, Ohio, May 13 /PRNewswire-FirstCall/ -- OMNOVA Solutions
Inc. (NYSE: OMN) today announced that the Federal Trade Commission
has granted its approval for the acquisition by OMNOVA of The Dow
Chemical Company's hollow sphere plastic pigment (HPP) product
line. The transaction is expected to close within the next few
days.
Hollow sphere plastic pigments are used primarily in paper
coatings to provide gloss and opacity. "This product line
will further enhance our leading product offering to the coated
paper and paperboard industry and provide additional growth
opportunities in other applications," said Kevin McMullen, Chairman and CEO of OMNOVA
Solutions.
Concurrent with the HPP closing, the companies will also
terminate the RohmNova joint venture (JV). This is a sales,
marketing and technical service alliance that has served the coated
paper and paperboard market since 2002. Following the
termination of the joint venture, OMNOVA will market, sell and
service its products directly to customers. The termination
was necessitated by Dow Chemical's acquisition of the JV partner,
Rohm and Haas Company.
"Going forward, OMNOVA is well positioned to successfully serve
the coated paper and paperboard market with leading technology,
products and people, and we are excited to move to this new level
of focus and commitment to the industry," McMullen said.
"Throughout the existence of the joint venture, OMNOVA
Solutions has strengthened its manufacturing, customer and
technical service, and new product development capability.
OMNOVA will continue to provide differentiated latex binders
and additives through a fully staffed organization as we have done
successfully for more than half a century."
Robin McCann, Business Director,
will continue to lead OMNOVA's paper chemicals team. McCann
has served as General Manager of RohmNova since May 2006. Previously, she was Marketing
Director for the JV. She has more than 20 years of experience
serving the paper industry.
OMNOVA Solutions has provided styrene butadiene latex coatings
and related products to the paper market for well over 50 years.
During that time, the Company has distinguished itself
through innovative products and a reputation for close partnering
with its customers.
"The same high level of innovation and service our customers
enjoyed under the joint venture, as well as from OMNOVA Solutions
prior to the JV, will remain our hallmark as our paper chemicals
business enters a new era," said Jim
Hohman, President of OMNOVA's Performance Chemicals business
unit. "Our team has tremendous experience and capability, and
our technology and service are leaders in the industry."
OMNOVA Solutions Inc. is a technology-based company with last
twelve month sales for the period ending February 28, 2010, of $720
million and a workforce of approximately 2,300 employees
worldwide. OMNOVA, which has served the styrene butadiene
latex industry since the 1950s, 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
www.omnova.com.
SOURCE OMNOVA Solutions Inc.