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Markets :: Specialty Chemicals :: Paints and Coatings
Omnova Sells Commercial Wallcovering Assets
3:51 PM MST | December 14, 2011 | Vincent Valk
Omnova Solutions has sold parts of its commercial wallcovering business to J. Josephson (South Hackensack, NJ), a privately-held wallcovering firm, for $10 million in cash plus royalty payments on future sales. Omnova will also retain $7 million in working capital and cash flow related to the business, which has about $29 million in sales. Omnova will continue manufacturing commercial wallcovering products at its plant in Columbus, MS or about 12 to 15 months, which it will supply to J. Josephson. After this transition period, manufacture of the products...
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