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September 23, 2010 02:00 AM

Omnova Solutions looks to buy Eliokem

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    FAIRLAWN, Ohio (Sept. 23, 2010)—Omnova Solutions Inc. has entered into an agreement with AXA Private Equity granting the Fairlawn-based company what it called “a period of exclusivity” to acquire specialty chemicals manufacturer Eliokem International of France.

    The maker of specialty chemicals, emulsion polymers and wall coverings said it would pay about $300 million for Eliokem at current exchange rates.

    Omnova said closing of the proposed transaction is subject to consultation with Eliokem's Works Council in France, completion of a definitive agreement, regulatory approvals and financing. Subject to those conditions, Omnova said it anticipates completion of the deal by the end of 2010.

    Omnova said it intends to raise $425 million of new long-term debt to fund the transaction and the repayment of all existing Omnova and Eliokem debt.

    In addition, Omnova said it plans to extend and increase the size of its unused asset-based credit facility to $100 million and expects to have $40 million in cash at the closing of the acquisition. Omnova expects the transaction to be neutral to slightly dilutive to earnings in 2011, but accretive in 2012.

    Eliokem is a worldwide producer of specialty polymers and chemicals, including coating resins, elastomeric modifiers, antioxidants, rubber reinforcing resins and oil-and-gas drilling chemicals. The company's 12-month sales through May 2010 totaled $268 million.

    Eliokem is headquartered near Paris, France, and has manufacturing sites in Caojing and Ningbo, China; Valia, India; Le Havre, France; and Akron, Ohio. Eliokem also has regional sales offices in Akron, Singapore, Shanghai and Mumbai. The company employs about 630 worldwide.

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