09 December 2010 21:50 [Source: ICIS news]
HOUSTON (ICIS)--OMNOVA Solutions completed its acquisition of specialty chemicals firm Eliokem International for €227.5m ($303m) from AXA Private Equity, the US-based producer said on Thursday.
The deal was announced in September.
“[The acquisitions] contributes to all three of our company's strategic objectives by providing entry into several new higher growth markets, expanding our portfolio of value-added technology solutions and significantly broadening our global manufacturing footprint,” said OMNOVA chief executive Kevin McMullen.
France-based Eliokem is described as a worldwide producer of specialty polymers and chemicals, including coating resins, elastomeric modifiers, antioxidants, rubber reinforcing resins, oil and gas drilling chemicals and latices for specialty applications.
Eliokem used to be part of tyre maker Goodyear. It was sold in 2001 to private equity firm Littlejohn, which, in turn, sold it to AXA in 2006.
For the 12 months through 31 May, Eliokem had sales of about $268m, OMNOVA said.
OMNOVA had previously said it foresaw key butadiene (BD) sourcing synergies as a result of the acquisition.
Additional reporting by Stefan Baumgarten in Toronto
($1 = €0.75)
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