OMNOVA Solutions Sells Dupo, Illinois Extrusion Assets; Reduces Fixed Cost
Monday January 26, 5:04 pm ET
FAIRLAWN, Ohio, Jan. 26 /PRNewswire-FirstCall/ -- OMNOVA Solutions Inc. today announced the sale of production assets at its leased Dupo, Illinois narrow gauge film extrusion facility to Wiman Corporation, part of RTP Company's Sheet & Film Division.
"The sale of these non-strategic assets provides greater focus to our core Decorative Products business and will reduce OMNOVA Solutions' fixed costs," said Kevin McMullen, OMNOVA Solutions' Chairman and Chief Executive Officer. "This action, in addition to the $19 million in cost reductions previously announced and completed, further strengthens OMNOVA's competitive position and provides momentum for the Company in early 2009.
"We look forward to an ongoing supply relationship with the Dupo facility under Wiman, and we are pleased that they intend to retain the current workforce," McMullen added.
OMNOVA Solutions Inc. is a technology-based company with 2008 sales of $869 million and a current workforce of 2,630 employees worldwide. OMNOVA is an innovator of emulsion polymers, specialty chemicals, and decorative and functional surfaces for a variety of commercial, industrial and residential end-uses.
Source: OMNOVA Solutions Inc.
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