BUTTENWIESEN, GERMANY / ACCESSWIRE / February 28, 2023 / SURTECO GROUP SE hereby announces the closing of the purchase contract dated 13 December 2022 for acquisition of the OMNOVA "laminates and performance films and coated fabrics" division from Synthomer PLC.
The divisions specialize in the production and sale of laminates, foils and vinyl-coated fabrics at locations in the United States and Thailand. This takeover was an important step to move forward the company's focused corporate strategy of internationalization. The product offering in the U.S complements SURTECO's existing laminates, foils and edgebanding business in North America, while vinyl-coated fabrics establish a foothold for increased diversification of markets and products.
The business will operate out of offices and facilities in Ohio, Pennsylvania, North Carolina, South Carolina, Mississippi, Ontario, Canada and Rayong, Thailand.
Turnover in North America is expected to exceed 300 million U.S. dollars on a full year basis and total worldwide turnover will exceed 1 billion euro for the SURTECO group of companies on a full year basis.
"This acquisition will strengthen our position in the market for decorative surfaces in North America and it represents an important step for sustainable development of the SURTECO Group. I should like to give our new employees a very warm welcome to SURTECO. My thanks also go to the project team including our US based CEO and CFO, Mike Phillips and Gudrun Pechtold and in particular to Larry Schorr. His wide-ranging experience and his commitment were a key factor for successful conclusion of the contract," commented Wolfgang Moyses, Chairman of the Management Board of SURTECO GROUP SE.
The SURTECO North America divisions will be managed as OMNOVA North America, Inc. and OMNOVA Engineered Surfaces Co, Ltd. and report directly to Chairman Wolfgang Moyses and Deputy Chairman Larry Schorr.
Surteco Group SE was advised by Fredericks Michael & Co., an investment bank with offices in New York, London, and Sao Paulo on this transaction. www.fm-co.com. The legal advisor was Brouse McDowell. www.brouse.com
Contact:
| SURTECO GROUP SE | |
| Martin Miller Investor Relations and Press Office T: +49 8274 9988-508 | |
| F: +49 8274 9988-515 ir@surteco.com |
Profile of SURTECO
SURTECO GROUP SE with registered office in Buttenwiesen is a mid-sized holding company with international operations. The company listed on the stock exchange combines leading national and international brands for surface technology under one roof. The comprehensive product portfolio includes papers printed with decor designs, impregnated materials, release papers, decorative flat foils and edgebandings based on specialist technical papers and plastics. This portfolio is complemented by skirtings made of plastics, technical extrusions (profiles) for industry, and roller shutter systems. With more than 3,000 employees at 22 production sites worldwide, the Group generates annual sales of around EUR 757 million in fiscal year 2021. 25 % of these sales are generated in Germany, 47 % in European countries outside Germany and a further 28 % in America, Asia and Australia. Customers of the SURTECO Group primarily come from the wood-based, flooring and furniture industries, as well as from interior design.
The shares in SURTECO GROUP SE are listed on the official market (Prime Standard) of the Frankfurt and Munich Stock Exchanges under the ticker symbol SUR and ISIN DE0005176903. They are also traded on the stock markets in Berlin, Düsseldorf and Stuttgart.
Cautionary note regarding forward-looking statements
This press release may contain statements of future forecasts or expectations and other forward-looking statements and involves known and unknown risks and uncertainties. There is therefore no guarantee for the statements and expectations expressed herein. The actual results and developments may differ substantially. The company assumes no obligation to update any forward-looking statements contained herein or to adapt such information to future results or developments.
SOURCE: Surteco Group SE
View source version on accesswire.com:https://www.accesswire.com/741205/SURTECO-GROUP-SE-Purchase-Contract-for-Acquisition-of-the-OMNOVA-Laminates-and-Performance-Films-and-Coated-Fabrics-Divisions-from-Synthomer-PLC-has-been-Closed-Effective-February-28-2023
