FAIRLAWN, Ohio, Jan. 16, 2013 /PRNewswire/ -- OMNOVA Solutions (NYSE: OMN) announced today that it has changed the name of its Decorative Products business segment to Engineered Surfaces. The new name reflects the critical role of technology and innovation which, along with design, are key differentiators for OMNOVA with its customers. OMNOVA's Engineered Surfaces segment has a strong reputation as a producer of coated fabrics, laminates and films engineered to provide key performance features such as durability, cleanability, and stain, abrasion and chemical resistance, as well as offering innovative and on-trend design. These attributes are critical to surfacing applications from kitchen cabinets, retail store displays and commercial furniture to restaurant and marine interiors, recreational vehicles and various modes of transportation seating, including automotive, heavy truck and mass transit. Engineered Surfaces segment president Dave Maynard explained, "With the 2012 divestiture of our commercial wallcovering product line, we took the opportunity to refocus our portfolio and emphasize our commitment to continuing to offer enhanced performance through engineering and innovation. Our global team is better positioned to provide differentiated, value-added surfacing solutions to our customers across a wide range of applications. While our new name emphasizes our core competencies in performance technologies, OMNOVA remains focused on incorporating on-trend color and design in our products." Examples of the built-in performance found in OMNOVA's engineered surfaces include surf(x)® three-dimensional laminates which demonstrate higher impact resistance than high pressure or thermally fused laminates, and enable rounded edge profiles instead of unsightly edge banding. Through the Company's harmony collection™ program, customers can value-engineer their end products, both inside and out, by combining surf(x) 3D laminates with duraMAX™ flat laminates and other products within OMNOVA's portfolio to match design and color across multiple constructions. Other examples include coated fabrics with OMNOVA's PreFixx® protective finish – the gold standard in the industry – which are finding increased use in automotive seating as well as mass transit. OMNOVA's PreVaill® transit fabrics have the durability to outlast textiles by three times and can provide significant savings in cleaning costs. Surveys conducted by one major metropolitan mass transit system have shown significantly increased rider satisfaction after changing from textiles to OMNOVA's PreVaill coated fabrics. OMNOVA Solutions will immediately begin to use the Engineered Surfaces name in place of Decorative Products for all of its financial reporting, including in its fourth quarter 2012 earnings report which will be released on January 22, 2013. OMNOVA Solutions Inc. is a technology-based company with sales for the twelve months ending August 31, 2012 of $1.2 billion and a global workforce of approximately 2,360. OMNOVA is an innovator of emulsion polymers, specialty chemicals, and decorative and functional surfaces for a variety of commercial, industrial and residential end uses. Visit OMNOVA Solutions on the internet at www.omnova.com.
Jefferies analysts note that recent construction spending data indicates a cycle rotation away from construction-exposed names and toward industrial- and durable goods-levered firms could be playing out.