FAIRLAWN, Ohio—After months of speculation, Omnova Solutions Inc. has made it official: it is moving its headquarters to Beachwood, Ohio.
The company had received approval from Beachwood's council and the city's school board in separate meetings to proceed with a project to acquire 8.5 acres where it will build a 57,000-sq.-ft. facility. The property allows room for future expansion on the site, the firm said.
Omnova, which has been looking at possible new locations for its headquarters for two years, had been leasing a building in Fairlawn that has been serving as its headquarters for a number of years. The lease runs out in 2014.
The company expects to begin building the new site this fall and continue construction during the winter. It plans to move to the new complex in late 2014.
"It is important to stay in Northeast Ohio, Chairman and CEO Kevin McMullen said in a prepared statement. "We strongly believe in the region's talented people and vast resources, which will be catalysts for the growth of our company."
He said the Beachwood site is a vibrant corporate setting and is a "perfect spot to build our future."
McMullen said the new location provides Omnova with the opportunity to broaden its footprint and brand image in Northeast Ohio; offers outstanding amenities for employees; has easy access to highways, airports, educational institutions and communities in Northeast Ohio; and gives it the ability to build a facility suited to the firm's current and future needs while lowering costs.