Synthomer plc is selling the films, laminates and coated fabrics businesses it acquired when it closed its $455 million purchase of Omnova Solutions Inc. in 2020.
The sale to Surteco North America Inc. for $255 million will allow Synthomer to focus on its specialty chemicals business, the latter said in a news release. Synthomer, which specializes in polymer dispersions and synthetic latex, will concentrate on end markets including construction, coatings, adhesives, and health and protection.
Surteco North America in Myrtle Beach, S.C., is a unit of Surteco Group SE of Buttenwiesen, Germany. The parent company, a "surface technology specialist," said it wants to boost its presence in the United States and Asia and expand its offerings. Its products include floor strips and skirtings, wall edging, profiles and finish foils. Its brand names include Dakor, Döllken and Kröning.
The laminates business Surteco is buying provides functional and decorative surfaces in North America for commercial, residential and transportation markets The products are used for kitchens, bathrooms, vinyl tiles and recreational vehicles. The business has three plants in North America and production capabilities in Thailand.
The coated fabrics business serves Southeast Asia automotive and motorcycle original equipment manufacturers as well as North American markets for marine, commercial and transport seating. The unit has a plant in Thailand and distribution center in North America.
Combined, the businesses being sold employ about 800 and had assets of $124 million at the end of 2022. They recorded 2021 sales of $254 million.
London-based Synthomer last year announced it would expand Beachwood, Ohio-based Omnova's adhesive resins operations there. Synthomer had acquired those operations in 2021 from Eastman Chemical Co. for $1 billion.
Synthomer has 5,000 employees at some 40 locations globally. The company reported 2021 sales of 2.3 billion pounds ($2.73 billion).
Surteco Group employs about 3,100 and had 2021 sales of 757.1 million euros ($795 million).