FAIRLAWN, OHIO – OMNOVA Solutions (NYSE:OMN), a global specialty chemicals and functional surfaces company, today reaffirmed and broadened its nearly 100-year commitment to Northeast Ohio with the announcement that it intends to build its new global headquarters in Beachwood, Ohio. The Beachwood location will complement OMNOVA’s strong and continuing Northeast Ohio presence, where, in the Akron area, it has its Global Technology Center and two specialty chemical plants.
The Beachwood City Council and Warrensville Heights School Board approved the project at separate meetings on Monday, thus allowing OMNOVA to move forward on its construction plans.
The new headquarters will be located on Harvard Road just west of Richmond Road in the 630-acre Chagrin Highlands corporate community. OMNOVA will acquire 8.5 acres to build an approximately 57,000-square-foot building, including land for future expansion. The Company expects to break ground this fall and continue construction throughout the winter. OMNOVA plans to move to the new facility in late 2014, before the lease expires on the building its headquarters office currently occupies in Fairlawn, Ohio.
“With the assistance of outside experts, we have gone through an extensive, nearly two-year process to evaluate possible sites for our new global headquarters,” said Kevin McMullen, OMNOVA Solutions Chairman and Chief Executive Officer. “It was important to us to stay in Northeast Ohio. We strongly believe in the region’s talented people and vast resources, which will be catalysts for the growth of our Company. The Beachwood site is in a vibrant, expanding corporate setting where we can meet our criteria around retention, growth and cost and, at the same time, enhance the value we bring to our customers. We believe it is the perfect spot to build our future.”
McMullen said the Beachwood location provides OMNOVA with numerous benefits, including:
*An opportunity to broaden its footprint and brand image in Northeast Ohio
*Outstanding amenities for current and future employees
*Easy access to several major interstate highways, airports, educational institutions and communities in Northeast Ohio
*The ability to build a facility ideally suited to the Company’s current and future needs and aspirations while lowering annual operating costs
“We appreciate the cooperation and ideas of the many municipalities and economic development organizations we met with during the process of evaluating our headquarters site options,” added McMullen. “In the end, the Beachwood site proved to be the most compelling choice.
“We have already begun envisioning our new space, which will include the infusion of natural light, architectural elements and technologies that promote collaboration and teamwork, and significantly improved connectivity to our colleagues around the world. We plan to utilize best-in-class building strategies and materials, including many elements that make use of OMNOVA’s engineered surfaces and performance chemical products. Energy efficient design and other features will allow us to reduce operating costs compared to our current location. As part of OMNOVA’s commitment to sustainability, we are planning a building that will be LEED-certified.” (LEED is the U.S. Green Building Council’s Leadership in Energy and Environmental Design certification program.)
OMNOVA’s four Northeast Ohio sites employ approximately 365 people, including 110 full-time positions at its headquarters. Assuming stable economic and market conditions, the Company expects that growth over the next five years could result in workforce increases in Northeast Ohio, including approximately 70 new positions at the Beachwood headquarters.
OMNOVA Solutions has been assisted by real estate advisor Jones Lang LaSalle and architecture/interior design firm Vocon. OMNOVA has engaged CAM Inc. as the design/build contractor. All are located in Northeast Ohio.
OMNOVA’s Northeast Ohio roots date back to 1915 and former parent General Tire and Rubber, which later became GenCorp. OMNOVA Solutions was formed in 1999 when it was spun off from GenCorp as an independent, publicly traded company. In addition to the new global headquarters in Beachwood, OMNOVA will maintain its strong connection to the Akron area, where it recently invested nearly $9 million to refurbish its Global Technology Center in Akron and add advanced capabilities and systems at its plants in Akron and Mogadore. The Company has a strong history of community support through grants from its endowed Foundation.
OMNOVA Solutions is a technology-based company with sales for the 12 months ending May 31, 2013 of $1.1 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. Visit OMNOVA Solutions on the internet at www.omnova.com.
Source: OMNOVA Solutions
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