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11/25/2015 - 11/27/2015

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Dyeing Printing & Finishing

OMNOVA Spin-Off Finalized

GenCorp, Fairlawn, Ohio, has announced that its board of directors finalized the approved spin-off of OMNOVA Solutions Inc. as a wholly-owned subsidiary. GenCorp will transfer its DecorativeandBuilding Products and Performance Chemicals businesses to OMNOVA.GenCorp will continue to operate Aerojet, its aerospace, defense and fine chemicals segment and its Vehicle Sealing operation.Its exciting to have this long process behind us so that we can begin to take advantage of the opportunities made possible by the spin-off, said John Yasinsky, former chairman and CEO of GenCorp, and current chairman and CEO, OMNOVA.Operating as two focused, independent companies, we believe both GenCorp and OMNOVA will be better able to tailor capital investments and resources to particular business requirements, more aggressively pursue growth and operate more efficiently. The potential to create greater value for our shareholders, customers and employees was the driving force behind the spin-off and will lead our efforts to succeed going forward.OMNOVA Solutions is headquartered in Fairlawn, and will have annual sales of approximately $766 million. The company will also have 2,600 employees worldwide.GenCorp will move its headquarters to Sacramento, Calif., where its Aerojet business is based. Aerojet President Robert Wolfe has been named chairman and CEO of GenCorp. GenCorp will now have sales of over $1 billion and 7,300 employees worldwide. (See "Dyeing, PrintingandFinishing News," ATI September and October 1999.)

November 1999