4 June 2015
DETAILS
OMNOVA Solutions Inc. (NYSE: OMN)
today announced that it has acquired
New Fluid Solutions, Inc. (NFS),
a producer of oil & gas drilling fluid additives and
other products based inHouston, Texas, USA.
OMNOVA paid $5 million up front,
plus up to an additional $2 millionover the next two years
with a performance-related component.
The transaction includes New Fluid Solutions' full line of
drilling fluid additives: lost circulation materials, emulsifiers,
lubricants and shale inhibitors
used in both onshore and offshore drilling operations.
It also includes a newly constructed blending facility,
warehouse and quality assurance/control laboratory
on an owned 4-acre site in Stafford, Texas, near Houston.
OMNOVA expects the transaction to be neutral
to earnings in 2015 and slightly accretive in 2016
before modest cost synergies and significant revenue synergies.
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