UK-based Synthomer has completed its acquisition of Beachwood-based OMNOVA Solutions Inc.
Synthomer said the acquisition makes it a major world-wide player in water-based polymer solutions. It substantially strengthens its presence in North America, as well as increases its presence in Europe and Asia, including further penetration into the growing Chinese market.
"Synthomer now has global reach, a broader product portfolio and increased R&D capabilities with an exciting platform from which to attract talent and invest in future growth," Synthomer CEO Calum MacLean, CEO said in a statement.
The acquisition should result in estimated recurring annual pre-tax cost synergies of $29.6 million by the end of the third year following completion, the company said. It is expected to be accretive to earnings in the first full financial year following completion and strongly accretive thereafter.
