2019 RVIA Economic Impact Study

The new RVs Move America Economic Impact Study, released June 3, 2019 at the annual meeting of RVIA, revealed the RV industry has an overall economic impact on the US economy of $114 billion, supporting nearly 600,000 jobs, contributing more than $32 billion in wages, and paying more than $12 billion in federal, state, and local taxes. The announcement was made by Garry Enyart, RVIA chairman, and Onan/Cummins Director of Mobile Generator Sales & Coach Care.

For more information on the $114 billion total economic impact and what it includes, click here.

Laminate Firm Omnova Being Acquired

Mon Jul 8, 2019
Author: RV News Staff

156259841448957.jpgOmnova Solutions, a Beachwood-Ohio based supplier of laminate materials to the RV industry, has agreed to be acquired by U.K.-based Synthomer, a specialty chemical company. The cash purchase price is set at $10.15 per share.

"Today, we announced that we have entered into a definitive agreement under which Synthomer plc will acquire all of the outstanding common shares of Omnova Solutions for $10.15 per share in an all-cash transaction," Omnova CEO Anne Noonan says. "The offer price represents a premium of 52% over Omnova's three-month weighted average share price of $6.67. The transaction has been approved unanimously by the Omnova and Synthomer boards of directors.

"We are pleased that Synthomer recognizes the hard work of our employees in executing our multi-year transformation into a leading global specialty solutions provider," she says. "Omnova complements Synthomer culturally, geographically and by market, while Synthomer's financial position provides for a very strong combined company that will be well positioned to accelerate growth. This transaction presents increased opportunities for the business and its employees to leverage the combined scale, grow more quickly and profitably, and enhance product innovation in ways that will benefit customers and employees."

Completion of the transaction is subject to the satisfaction of certain customary closing conditions, including the receipt of regulatory approvals, and approval from Synthomer's and OMNOVA's shareholders. The transaction is not contingent on obtaining financing and is expected to close in late 2019 or early 2020.