Omnova Solutions Inc. has acquired Resiquímica SA, a maker of resins and binders based in Portugal.
A news release for the Beachwood, Ohio-based company's third quarter results referred to it as a 28.5 million euro ($33.5 million) acquisition which is expected to increase the company's annual revenues by about $65 million and be accretive to earnings and operating margins in 2019.
Resiquímica's "aqueous polymer emulsions and solvent-borne alkyd and acrylic resins" are used in industrial and residential coatings, a news release said, while its unsaturated polyester resins are used in industries ranging from marine to food storage. Resiquímica has more than 120 employees and is based in Lisbon.
"This is another important milestone in Omnova's path to becoming a premier global specialty solutions company. The acquisition of Resiquímica expands our technology and product offerings in the coatings and construction industries, strengthens our position in the [Europe, Middle East and Africa] region and enhances production flexibility and capabilities for our specialty business," said Anne P. Noonan, president and CEO, in the release. "We welcome the Resiquímica team to the Omnova family. The combined businesses are synergistic and will help accelerate growth."