FAIRLAWN, Ohio, March 6, 2012 /PRNewswire/ -- OMNOVA Solutions (NYSE:OMN) today 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, United Kingdom. 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 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 Chief Executive Officer. "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.
"I want to thank each of our associates in the Muraspec business for their dedication and service to the Company. Their efforts have built a strong reputation for the Muraspec name and its related brands. We wish them continued success," McMullen said.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. This press release includes "forward-looking statements" as defined by federal securities laws. These statements, as well as any verbal statements by the Company in connection with this press release, are intended to qualify for the protections afforded forward-looking statements under the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect management's current expectation, judgment, belief, assumption, estimate or forecast about future events, circumstances or results and may address business conditions and prospects, strategy, capital structure, sales, profits, earnings, markets, products, technology, operations, customers, raw materials, financial condition, and accounting policies, among other matters. Words such as, but not limited to, "will," "may," "should," "projects," "forecasts," "seeks," "believes," "expects," "anticipates," "estimates," "intends," "plans," "targets," "optimistic," "likely," "would," "could," and similar expressions or phrases identify forward-looking statements.