OMNOVA Sells U.K.-Based Muraspec Wallcovering
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 business.
“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.