Fairlawn, Ohio -- Omnova Solutions Inc. has agreed to sell its GenFlex Building Products business to Firestone Building Products Co., a subsidiary of Bridgestone Corp., for about $40 million (â‚¬110.4 million).
The deal is expected to finalised on 29 Sep.
Under the agreement, Omnova will sell most of its assets and liabilities related to its GenFlex unit, which primarily serves the single-ply commercial roofing industry.
The sale includes a roofing product manufacturing plant in Alabama, a warehouse and the GenFlex headquarters office in Ohio.
All current and future roofing warranty liabilities of the GenFlex business are included in the sale.
"The sale of our GenFlex unit to Firestone allows us to focus our resources on our performance chemicals and decorative products businesses where we have leading market positions," said Kevin McMullen, Omnova Solutions chairman and CEO.
From Rubber & Plastics News (A Crain publication)