Omnova Solutions Inc., the former Fairlawn polymer company that traces its roots to General Tire & Rubber Co. in Akron, has agreed to be bought by Synthomer, a British specialty chemicals company, in a deal valued at about $455.2 million.

Omnova, which moved its headquarters in 2014 from Fairlawn to Beachwood, announced the deal Wednesday while also releasing second-quarter earnings results.

Synthomer will pay $10.15 a share in an all-cash transaction for Omnova, according to a news release.

The deal is expected to close by the end of the year or in early 2020, pending regulatory and shareholder approvals.

“The offer price represents a premium of 52 percent over Omnova's three-month weighted average share price of $6.67,” Omnova Chief Executive Officer Anne Noonan said in the release. “The transaction has been approved unanimously by the Omnova and Synthomer boards of directors. We are pleased that Synthomer recognizes the hard work of our employees in executing our multi-year transformation into a leading global specialty solutions provider.

“Omnova complements Synthomer culturally, geographically and by market, while Synthomer's financial position provides for a very strong combined company that will be well positioned to accelerate growth. This transaction presents increased opportunities for the business and its employees to leverage the combined scale, grow more quickly and profitably, and enhance product innovation in ways that will benefit customers and employees.”

Omnova has about 1,900 employees globally, including at its Akron tech center and manufacturing plants in Akron and in Mogadore. The company said it had $760 million in revenue for the 12-month period ending May 31.

The company makes emulsion polymers and specialty chemicals for the specialty coatings, adhesives, sealants, and oil and gas industries. It also makes decorative laminates and coated fabrics.

GenCorp, once part of General Tire, in 1999 spun off its polymers and decorative and building products unit as publicly traded Omnova Solutions.

Synthomer, headquartered in London, makes emulsion and specialty polymers. It has about 2,900 employees globally and reported $2.1 billion in revenue for its 2018 fiscal year.

 

Jim Mackinnon can be reached at 330-996-3544 or jmackinnon@thebeaconjournal.com. Follow him @JimMackinnonABJ on Twitter or www.facebook.com/JimMackinnonABJ