SURTECO North America, Inc. agreed to acquire Laminates, Films and Coated Fabrics Businesses from OMNOVA Solutions Inc. for approximately $260 million on December 13, 2022. Under the terms of the transaction, Synthomer will pay $250 million in cash on the Completion Date and $5 million in cash on the thirteen (13) month anniversary of the Completion Date. The transaction is financed by SURTECO via bridge financing. The terms of the transaction are subject to customary adjustments. The transaction implies an EV/EBITDA multiple of approximately 8 times based on the EBITDA for the 12-month period ended 31 December 2021, for the Laminates, Films and Coated Fabrics Businesses. In FY21, the Laminates, Films and Coated Fabrics Businesses contributed EBITDA of $33 million, underlying operating profit of $25 million and total assets as at 31 December 2021 were $124 million. Sales in 2021 were $254 million. The transaction is subject to approval of regulatory board, approval of offer by target shareholders. KLK a 26.9% shareholder of Synthomer has voted in favour of the resolution approving the Proposed Transaction at the general meeting. The transaction is expected to close in first quarter of 2023. As of January 11, 2023, shareholders of Synthomer has passed the resolution for the approval of transaction. The Net Proceeds of approximately $245 million will be used to repay certain indebtedness in order to strengthen Synthomer's balance sheet and support a reduction in leverage towards the target range of 1 to 2 times Net Debt to EBITDA over the medium term. Ian George and Michael Tsangarides of Piper Sandler Ltd. Richard Perelman and Charles Oakes of J.P. Morgan Securities plc. Marc Sperber, Pete Wolf and Richard Smith and Marina Aronchik of Mayer Brown LLP acted as legal advisor to Synthomer. The business will operate out of offices and facilities in Ohio, Pennsylvania, North Carolina, South Carolina, Mississippi, Ontario, Canada and Rayong, Thailand. The SURTECO North America divisions will be managed as OMNOVA North America, Inc. and OMNOVA Engineered Surfaces Co, Ltd. and report directly to Chairman Wolfgang Moyses and Deputy Chairman Larry Schorr. Fredericks Michael & Co. acted as financial advisor and Brouse McDowell acted as legal advisor to SURTECO North America, Inc.

SURTECO North America, Inc. completed the acquisition of Laminates, Films and Coated Fabrics Businesses from OMNOVA Solutions Inc. on February 28, 2023.