Synthomer Plc, a supplier of acrylic and vinyl emulsions polymers, has agreed to sell laminates, films, and coated fabrics businesses to Surteco North America, Inc. for a total enterprise value of around $255 million or 208 million pounds.

The net proceeds from the deal would be approximately $245 million or 199 million pounds. The company said the net proceeds will be used to repay certain indebtedness to strengthen the balance sheet.

Synthomer's business units include Omnova Solutions, a well-known Ohio-based provider of decorative surfaces to the woodworking industry.

Synthomer said the planned sale is in line with its strategy as set out at the Capital Markets Day in October to increase the specialty weighting of its portfolio through the sale of identified non-core assets.

The transaction is expected to complete in the first quarter and will be conditional on certain regulatory approvals, customary closing conditions, and certain other conditions.

Michael Willome, CEO, said, "This divestment is consistent with our recently announced strategy to increase the specialty weighting of our portfolio and focus on higher value, higher growth markets where we have strong and sustainable leadership positions."