Polymer dispersions and synthetic latex specialist Synthomer (London; www.synthomer.com), has announced the sale of its laminates, films, and coated fabrics businesses to German surface technology specialist Surteco (Buttenwiesen-Pfaffenhofen; www.surteco.com) for GBP 208 mn (EUR 236 mn).

In a statement Synthomer said the divestment would allow it to concentrate more on its speciality chemicals operation as part of its Focus, Strengthen and Grow plan announced in October 2022.

As part of the new strategy, Synthomer said it is moving to a new divisional structure from 1 January that focuses on the end markets of coatings and construction, adhesives, and health and protection.

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The laminates, films, and coated fabrics businesses were acquired as part of the 2020 purchase of US-based Omnova Solutions (Fairlawn, Ohio; www.omnova.com). Synthomer said the laminates business provides functional and decorative surfaces in North America for residential, commercial, and transportation markets, while coated fabrics operations supply premium applications across Southeast Asian OEM sectors such as automotive and motorcycle and North American markets for commercial, marine, and transport seating. In 2021, both businesses contributed EBITDA of USD 33m (EUR 31 mn), the company noted, adding that they employ around 800.

Michael Willome, Synthomer’s chief executive, said the sale was “consistent with our recently announced strategy to increase the specialty weighting of our portfolio and focus on higher value, higher growth markets where we have strong and sustainable leadership positions.

“The proceeds represent excellent value for our shareholders and the transaction is a significant step in the deleveraging of the group.”