Omnova eliminates dividend on common stock

FAIRLAWN, Ohio (July 19)—Omnova Solutions Inc.'s directors announced July 13 the elimination of the cash dividend on the company's outstanding common stock. The action will improve cash flow by $2 million per quarter in an effort to "improve financial flexibility and long-term shareholder value," the company said. Omnova, which had fiscal 2000 sales of $773 million, previously had paid a quarterly dividend of 5 cents per share since its inception in October 1999. Omnova was formed as a spin-off company from GenCorp Inc.