LONDON—Synthomer P.L.C completed its acquisition of Omnova Solutions Inc., giving Synthomer a stronger foothold in the U.S.
Beachwood, Ohio-based Omnova brings eight U.S. manufacturing sites to the combined company, and 13 such locations in total around the world. This includes a manufacturing site in China, a first for Synthomer.
Omnova makes polymers, dispersions and elastomers, and the acquisition makes Synthomer a global specialty chemicals company. With the acquisition, Synthomer said in a statement that it becomes a global player in water-based polymer solutions, and also increases its presence in Europe and Asia.
Synthomer, when the deal was first disclosed last summer, said it was paying $10.15 per share for Omnova for a total of $473 million. The enterprise value of the deal, which factors in considerations including assumption of debt, put the value of deal at $824 million, based on exchange rates at the time.
The companies, combined, post annual sales of about $2.8 billion.
Synthomer, in its most recent news release, that it will realize annual savings of $29.6 million by the end of the third year, following completion of the deal. It will integrate Omnova into Synthomer accounts immediately.
"Synthomer now has global reach, a broader product portfolio and increased R&D capabilities with an exciting platform from which to attract talent and invest in future growth, Synthomer CEO Calum MacLean said in a statement.
The closure of the Omnova deal comes on the heels of Synthomer closing on a deal to sell its vinyl pyridine latex operations to Trinseo S.A. Doing so allowed Synthomer to meet European Commission conditions for the Omnova acquisition.