FAIRLAWN, OHIO (March 7, 12:15 p.m. ET) — Omnova Solutions Inc. has sold another piece of its commercial wallcovering business.
Omnova said it has sold Muraspec, its Hemel Hempstead, England-based commercial wallcovering business, to affiliates of a2e Venture Catalysts Ltd. 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 United Kingdom, Europe and the Middle East.
Omnova said it will receive about $7 million in cash and notes for the business. It said the transaction involves the entire Muraspec business, including all brands, a plant in Kent, 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,” Kevin McMullen, Omnova chairman and CEO, said in a statement. “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.”
The announcement of the Muraspec deal follows the sale in December 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 market.