London - Synthomer plc has completed the acquisition of US-based polymer group Omnova Solutions Inc, the company announced 1 April.
The transaction, according to Synthomer, creates “a global speciality chemicals company,” and a “major world-wide player in water-based polymer solutions.”
Synthomer expects the acquisition to result in cost synergies of $29.6 million (€27.4 million) per annum by the end of the third year following completion.
In addition, the takeover will expand Synthomer’s reach in North America as well as the Chinese market, while improving its presence in Europe.
Synthomer supplies speciality chemicals for use in a variety of applications, such as medical gloves, paper, carpet, bedding and footwear. Its activities are mainly concentrated in Europe.
Beachwood, Ohio-based Omnova specialises in chemicals for a variety of applications, such as oil and gas, plastics and rubber. The company’s activities are mainly concentrated in the US.
“Synthomer now has global reach, a broader product portfolio and increased R&D capabilities,” said Calum MacLean, CEO of Synthomer upon the completion of the deal.
Omnova will be integrated into Synthomer with immediate effect.