FAIRLAWN, Ohio (Jan. 8, 2008) — Omnova Solutions Inc. has bought the remaining 49.9 percent interest of its joint venture manufacturing businesses in Thailand and China from its former partner, CPPC Public Co. Ltd, an affiliate of Charoen Pokphand Group.
The buyout makes Omnova Solutions sole owner of CPPC-Decorative Products Co. Ltd in Thailand, and CG-Omnova Decorative Products (Shanghai) Co. Ltd and Beston Omnova Plastics (Taicang) Co. Ltd., both in China.
The Chinese units make coated polyurethane and vinyl upholstery for domestic automotive original equipment manufacturers.
Kevin McMullen, Omnova Solutions´ chairman and CEO, said the deal puts Omnova in a better position to follow global customers who have moved manufacturing to Asia and are looking for high quality local sourcing.