Omnova Solutions (NYSE: OMN) announced a price increase of up to $0.10/dry pound on all styrene butadiene latex products and up to $0.06/dry pound on all styrene acrylic latices sold into all markets in the Americas, effective May 15, 2015, or as contracts allow.
“These price increases are necessary due to the combination of an upward trend in the cost of styrene as well as the need for Omnova to build a sustainable business that can better serve our customers now and in the future,” said Frank Nataro, Sales Director, Americas for Omnova’s Performance Chemicals business segment.
Previously, the Company announced an investment to convert excess styrene butadiene (SB) capacity at its Mogadore, Ohio, manufacturing facility to the production of styrene acrylics as part of the Company’s commitment to serve the changing needs of its customers. That initiative is currently in the customer qualification phase.
“Omnova is committed to continued investment in innovative solutions, offering our valued customers the best product portfolio with the highest level of service and technical support in the industry. In order to do that, we must be vigilant in responding to raw material inflation, addressing our cost structure and generating acceptable returns to allow reinvestment,” said Nataro.
Omnova Solutions Inc. is a technology-based company with 2014 sales of $1.0 billion and a global workforce of approximately 2,300. Omnova is an innovator of emulsion polymers, specialty chemicals, and functional and decorative surfaces for a variety of commercial, industrial and residential end uses.