OMNOVA Solutions announced that it has sold its U.K.-based Muraspec commercial wallcovering business to affiliates of a2e Venture Catalysts Limited, and its principal Amin Amiri based in Manchester, England. Muraspec produces and distributes wallcoverings and other interior surfacing products, primarily to commercial markets in the U.K., Europe and the Middle East.
This stock transaction involves the entire Muraspec business
including all brands, a plant in Kent, U.K., a design and distribution center
outside London, plus sales offices in Paris, Warsaw and Dubai. Muraspec has
approximately $40 million in sales. OMNOVA operated Muraspec as a stand-alone
“The sale of our European wallcovering business allows us to
focus our resources on our global Performance Chemicals business as well as the
coated fabrics, laminates and performance films product lines within Decorative
Products that offer greater global growth potential,” said Kevin McMullen, OMNOVA
Solutions' chairman and CEO. “Due to the very different design preferences of
countries and cultures throughout the world, the global commercial wallcovering
market tends to require a regional focus, which a2e will be in a better
position to serve.”
Under key terms of the transaction, OMNOVA will receive
approximately US$7.0 million in cash and notes.
This announcement follows the December 2011 sale of certain
assets of OMNOVA's North American commercial wallcovering business to J.
Josephson. Going forward, OMNOVA's decorative products portfolio will include
coated fabrics, laminates, performance films, digital wall murals and laminated
surfaces for the interior construction systems market.
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