OHIO (From news reports) - Polymer maker Synthomer Plc said it has agreed to buy Omnova Solutions Inc for an enterprise value of $824 million in a bid to strengthen its global position.
London-based Synthomer is offering Beachwood, Ohio-headquartered Omnova $10.15 for each share.
Acquiring Omnova will help Synthomer bolster its footprint in Europe and Asia and penetrate into China, Synthomer said in a statement.
The deal will be financed through a rights issue of up to $257 million and is likely to be completed by late 2019 or early 2020.
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