FAIRLAWN, Ohio, June 20, 2013 /PRNewswire/ -- OMNOVA Solutions (NYSE: OMN) announced a new business group management structure within its Performance Chemicals segment with the objective of more effectively leveraging its extensive technology and product capabilities and global infrastructure for stronger, more sustainable global growth. As part of the new structure, Specialty Chemicals will include three globally-managed business groups that represent high growth market opportunities for the Company. The three business groups are Oilfield Solutions, Coating Specialties and Specialty Ingredients. The global Paper and Carpet business has been renamed Performance Materials and will be more broadly focused on higher growth packaging and specialty paper applications. "This new structure better reflects the global company OMNOVA has become, and allows the Performance Chemicals segment to more readily deploy our growth strategies and mobilize resources worldwide to serve our customers," said Jim Hohman, President, Performance Chemicals. Oilfield Solutions, led by Jeff Chaapel, General Manager, will build upon the Company's strong position in technologies for oil and gas drilling fluids and well cementing applications. In addition, OMNOVA will look to extend its differentiated chemistries into exciting new applications for the oilfield market. Jeff Chaapel recently joined OMNOVA Solutions with nearly 20 years experience in drilling chemicals and production. Coating Specialties, led by Rick Sandford, General Manager, will leverage OMNOVA's strong brands and deep history in coating resins for architectural/infrastructure applications, as well as other high performance applications such as in-mold coatings used in compression molded composites. In addition, this business group will continue to develop value-added solutions for the home and personal care market, such as floorcare polymers and opacifiers used in soaps and cosmetics. Specialty Ingredients, led by Frank Nataro, General Manager, will focus on new growth options for existing and adjacent global markets and capabilities, including polymers used in durable and consumable nonwovens, tape and adhesive systems, fabric reinforcement for tires and other rubber goods, molded rubber components, elastomeric modification, and stabilizer systems for ABS, PVC and natural and synthetic latices. OMNOVA's Paper and Carpet business has been renamed Performance Materials, and will continue to be led by Robin McCann, General Manager. This global business will be more broadly focused on higher growth packaging and specialty paper applications. OMNOVA Solutions Inc. is a technology-based company with 2012 sales of $1.1 billion and a global workforce of approximately 2,400. OMNOVA is an innovator of emulsion polymers, specialty chemicals, and functional and decorative surfaces for a variety of commercial, industrial and residential end uses. Visit OMNOVA Solutions on the internet at www.omnova.com. SOURCE OMNOVA Solutions
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.