BEACHWOOD, Ohio—Specialty chemicals company Omnova Solutions Inc. has received a key conditional regulatory approval on its path to being acquired by polymer maker Synthomer P.L.C.
Omnova, in a news release issued Jan. 15, said the proposed $455 million acquisition by Synthomer has been approved by the European Commission, subject to Synthomer's divestiture of its small Germany-based vinyl pyridine latex business.
Synthomer "has received expressions of interest from a number of potential buyers," Omnova said in the release. It did not identify those potential buyers.
Next up for the deal is its remaining regulatory approval, in Turkey, which Synthomer expects to receive in early February, according to Omnova.
Omnova said the acquistion is on track to be completed "in early 2020," though it did not provide a more specific timeframe.
The deal was disclosed in July. It's a move that Omnova said will help Synthomer bolster its footprint in Europe and Asia and help penetrate into China.
Synthomer has about 2,900 employees and reported revenue of $2.1 billion in fiscal year 2018.
Omnova's sales for the last 12 months ended Aug. 31, were about $760 million. The company has a global workforce of about 1,900 people.