BEACHWOOD, Ohio—Omnova Solutions Inc. of Beachwood has acquired Resiquimica S.A., a maker of resins and binders based in Portugal.
A news release for the company's third quarter results referred to it as a $33.5 million acquisition. The move is expected to increase the company's annual revenues by about $65 million and is expected to be accretive to earnings and operating margins in 2019.
Resiquimica's "aqueous polymer emulsions and solvent-borne alkyd and acrylic resins" are used in industrial and residential coatings, a news release said, while its unsaturated polyester resins are used in industries ranging from marine to food storage. Resiquimica has more than 120 employees.
"This is another important milestone in Omnova's path to becoming a premier global specialty solutions company," Anne P. Noonan, president and CEO, in the release. "The acquisition of Resiquimica expands our technology and product offerings in the coatings and construction industries, strengthens our position in the EMEA region and enhances production flexibility and capabilities for our specialty business.
"We welcome the Resiquimica team to the Omnova family. The combined businesses are synergistic and will help accelerate growth."