Purchase agreement for the acquisition of Omnova business units was completed today
Surteco Group SE announces the closing of the acquisition of Omnova’s laminates and performance films and coated fabrics businesses from Synthomer PLC on 13 December 2022. See also our announcement of 13 December HERE.
The businesses specialise in the production and distribution of laminates, films and vinyl coated fabrics at facilities in the USA and Thailand. This acquisition is an important step in the implementation of the focused internationalisation as part of the company’s strategy. The product offering in the USA complements Surteco’s existing laminates, foils and edgebandings business in North America and vinyl-coated fabrics will be another mainstay to diversify markets and products.
The business will be operated from locations in Ohio, Pennsylvania, North Carolina, South Carolina, Mississippi, Ontario, Canada and Rayong, Thailand.
On a full-year basis, sales in North America are expected to exceed $300 million and also on a full-year basis, sales for the Surteco Group are expected to exceed one billion euros.
“This acquisition will strengthen our market position for decorative surfaces in North America and represents a significant step for the sustainable development of the Surteco Group. I would like to extend a warm welcome to our new employees at Surteco. I would also like to thank the project team including our US-based CEO and CFO Mike Phillips and Gudrun Pechtold and especially Larry Schorr. His extensive experience and commitment were critical to the successful completion,” said Wolfgang Moyses, CEO of Surteco Group SE.
The businesses will operate as Omnova North America, Inc. and Omnova Engineered Surfaces Co, Ltd. within the Surteco North America entity and report directly to Chairman Wolfgang Moyses and Deputy Chairman Larry Schorr.
Surteco Group SE was advised on this transaction by Fredericks Michael & Co, an investment bank with offices in New York, London and Sao Paulo. www.fm-co.com. Legal advice was provided by Brouse McDowell. www.brouse.com