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OMNOVA SOLUTIONS INC

No Longer Reporting

The company has not filed an annual or quarterly report since its Q1 FY2020 10-Q, filed Mar 30, 2020. Its latest SEC filing is a 15-12B from Apr 13, 2020.

The sections below describe the company as of the FY2019 annual report.

What Did They Do?

Sells specialty chemicals, polymers and surface materials to manufacturers serving construction, industrial and residential markets.

How Did They Make Money?

Customers order OMNOVA’s products; it invoices each order and charges for each product when it ships, with payment generally due soon after.

FY2019 revenue

Who Were Their Customers?

OMNOVA sells mainly to manufacturers through its internal sales and technical teams. Distributors extend its reach to new customers and locations, and agents also sell coated fabrics.

Did Revenues Turn Into Profits?

No. It lost $22.4M in FY2019.

Operating income, FY2019
7% of revenue
▼ −17% vs FY2018 ($60.9M, 8%)
Net income, FY2019
−3% of revenue
▼ Now a loss vs FY2018 ($20.7M, 3%)
Free cash flow, FY2019
−1% of revenue
▼ Now a loss vs FY2018 ($32.9M, 4%)

How Were They Changing?

Since the FY2019 annual report
Latest quarter: Q1 FY2020, the three months to Feb 29, 2020
Revenue
▼ −8%
vs $168.9M in Q1 FY2019
Net income
▼ −15% (Loss)
vs −$4.6M in Q1 FY2019
  • Apr 1, 2020 Synthomer completed its acquisition of OMNOVA Eligible common shares converted into a right to receive $10.15 in cash, and OMNOVA requested removal of its NYSE listing after closing.

Shrank. Revenue fell 12% in 4 years, from $838M in FY2015 to $736.2M in FY2019, about 3% a year.

Pullback from commodity paper and carpet The older report describes paper coatings and carpet binders among its products; the latest report says OMNOVA is transitioning away from commodity paper coatings and saw lower volume in commodity carpet.

Who Did They Compete With?

Competes with Pulcra Chemicals, Schill + Seilacher, Goulston, DowDupont, BASF, Engineered Polymer Solutions, Evonik, Arkema, Arlanxeo, Paratech, Nitriflex, American Gilsonite, Ashland, Drilling Specialties, Wilsonart, Toppan Printing, Renolit, LG Chemical America, PolyOne, and I2M

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