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OMNOVA Solutions, the US-based company who owned the Muraspec wallcoverings business, has announced the sale of the UK-based business to a2e Venture Catalysts Ltd and its principal Amin Amiri, based in Manchester.
The stock transaction involved the entire Muraspec business, including all brands, a plant in Kent, a design and distribution centre in Hemel Hampstead and sales offices in Paris, Warsaw and Dubai. OMNOVA revealed that it will be receiving around US$7m in cash for the transaction - approximately £4.5m.
According to OMNOVA, the business had around £25.5m in turnover at the time of the sale. It has been reported that Mr Amiri plans to keep on the firm's current management team and make the all key employees stakeholders.
OMNOVA Solutions' chairman Kevin McMullen said: "The sale of our European wallcovering business allows us to focus our resources on our global performance chemicals business, as well as the coated fabrics, laminates and performance films product lines within decorative products that offer greater growth potential.
"Due to the very difficult design preferences of countries and cultures throughout the world, the global commercial wallcovering market tends to require a regional focus, which a2e will be in a better position to serve."
He added: "I want to thank each of our associates in the Muraspec business for their dedication and service to the company. Their efforts have built a strong reputation for the Muraspec name and its related brands. We wish them continued success."