FAIRLAWN, Ohio (Sept. 25) — Omnova Solutions Inc. has agreed to sell its GenFlex Building Products business to Firestone Building Products Co.
The purchase price is about $40 million. The deal was signed today and is expected to close on Sept. 29.
Under the agreement, Omnova will sell substantially all assets and liabilities related to its GenFlex unit, which primarily serves the single-ply commercial roofing industry. The sale includes a roofing product manufacturing plant in Tuscumbia/Muscle Shoals, Ala.; a warehouse in Columbus, Ohio; and the GenFlex headquarters office in Maumee, Ohio.
All current and future roofing warranty liabilities of the GenFlex business are included in the sale.
"The sale of our GenFlex unit to Firestone allows us to focus our resources on our Performance Chemicals and Decorative Products businesses where we have leading market positions," said Kevin McMullen, Omnova Solutions chairman and CEO.
In the twelve months ended Aug. 31, the GenFlex Building Products unit posted sales and earnings before interest, taxes, depreciation and amortization of $114.4 million and $1.9 million, respectively.
The GenFlex roofing business has been in operation since 1980 and has a work force of about 100 employees.