FAIRLAWN, Ohio, May 13 /PRNewswire-FirstCall/ -- OMNOVA Solutions Inc. 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 http://www.omnova.com/.
OMNOVA Solutions Inc.
CONTACT: Sandi Noah, Communications, +1-(330) 869-4292, or Michael
Hicks, Investor Relations, +1-330-869-4411
Web Site: http://www.omnova.com/
