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OMNOVA Solutions Supports Scholarship Grant to Shanghai Jiao Tong University Environmental Program

2008-09-24 22:10 932

SHANGHAI, China, Sept. 24 /Xinhua-PRNewswire/ -- (NYSE: OMN) -- OMNOVA Solutions today announced its support for a grant of US$5,000 (approx. 34,200 RMB) to Shanghai Jiao Tong University Education Development Foundation. The grant will fund scholarships for students attending the University's School of Environmental Science and Engineering on the Minhang campus. The donation will be made from United Way International through the generosity of the OMNOVA Solutions Foundation.

OMNOVA senior executives from the United States and China met with University, government and community officials today to make the announcement and discuss OMNOVA's commitment to education, environmental excellence and the Chinese decorative product and chemical markets.

"This donation is consistent with OMNOVA's desire to be a good neighbor in the communities in which we operate and to support technical programs at educational institutions around the world," said Kevin McMullen, Chairman and Chief Executive Officer of OMNOVA Solutions Inc. "As a global manufacturer that has been recognized for strong environmental compliance and innovation, we were pleased to recommend this scholarship support of Shanghai Jiao Tong University's excellent environmental program. We hope this will be the beginning of a continuing partnership with the University."

Shanghai Jiao Tong University Environmental Science and Engineering School is committed to providing the society with environmental protection service and talent support. The Environmental Science and Engineering School said it believes setting up the Shanghai Jiao Tong University OMNOVA Scholarship will pave the way for future cooperation, especially in the field of environmental technology research and development, and environmental talent education.

OMNOVA Solutions, with headquarters in Akron, Ohio, USA, operates two business units in China, employing 635 people.

The Decorative Products unit produces polyurethane and vinyl coated fabrics primarily for Chinese and regional upholstery, automotive interior, transportation, consumer garment and accessories markets, with significant exports for the North American residential and contract furniture, automotive and marine markets. In January 2008, OMNOVA acquired sole ownership of decorative products plants in Minhang and Taicang, China, which had been part of a joint venture with Thailand's CP Group.

In making the acquisition announcement last January, McMullen explained, "OMNOVA's investment to acquire full ownership of our Asian joint venture businesses is a key part of our globalization strategy and demonstrates our long-term commitment to the large and rapidly growing Asian markets. It allows us to actively participate in the tremendous expansion underway in the region with innovative technology and products. In addition, it puts us in a better position to follow global customers who have moved manufacturing to Asia and are looking for high quality local sourcing. Having full operational control of the plants in Asia will facilitate transfer of technology and best practices to ensure excellence across our entire global manufacturing platform. We can support our customers’ needs with consistent product performance around the world."

OMNOVA has invested over US$35 million in purchase price, expansion and improvements at the plants to facilitate business growth and instill best practices in environmental, safety and operational performance. Improvements include emission control equipment and coal slurry boilers with modern and efficient environmental controls. Additionally, a new management team is in place, including an expanded environmental staff.

The company's Performance Chemicals unit serves the fast-growing chemicals industry in China, with sales and technical service offices in Shanghai and an applications laboratory in Minhang. Specialty chemical applications include tape, tire cord adhesives, nonwovens and textiles, which utilize advanced technologies developed by OMNOVA and imported or manufactured through strong tolling partnerships in the region. This is OMNOVA's largest unit in North America, where it has earned awards for environmental and safety improvements implemented at its operations as part of the chemical industry's Responsible Care(R) initiative.

About OMNOVA

OMNOVA Solutions Inc. is a technology-based company with proforma (including Asia) 2007 sales of $836 million and a current workforce of 2,730 employees worldwide. OMNOVA is an innovator of emulsion polymers, specialty chemicals, and decorative and functional surfaces for a variety of commercial, industrial and residential end uses. Visit OMNOVA Solutions on the internet at http://www.omnova.com .

Source: OMNOVA Solutions Inc.
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