Omnova Completes Refinancing and Tender Offer

Fairlawn, OH, May 23, 2007--OMNOVA Solutions Inc. said it has successfully completed its previously announced tender offer for any and all of its outstanding 11-1/4% senior secured notes due 2010 (CUSIP No. 682129AC5) (the "Notes"). The Company has been advised by the depositary of the tender offer that, as of 8:00 a.m. on May 22, 2007, $162,000,000 aggregate principal amount of the Notes, representing approximately 98.182% of the aggregate principal amount of the Notes outstanding, have been validly tendered. The Company has accepted these Notes for repurchase.

The Company is refinancing the Notes with a new $150 million, seven-year Term Loan B and an amended and extended five-year $80 million asset-based loan ("ABL"). The Term Loan B is priced at LIBOR + 250 basis points, and the ABL pricing is LIBOR + 150 basis points.

"This is a very positive step forward for OMNOVA Solutions and reflective of the significant operating improvements we have made across the Company," said Kevin McMullen, OMNOVA Solutions' Chairman and Chief Executive Officer. "The refinancing of the Notes will provide interest expense savings of approximately 350 basis points or nearly $6 million per annum based on today's debt level and interest rates. In addition to the significantly reduced interest expense, we have extended our debt maturities and increased the Company's financial flexibility."

As previously announced on May 4, 2007, the Company received the requisite consents to adopt the proposed amendments to the indenture governing the Notes and the Notes pursuant to the consent solicitation. The Company also announced on May 4, 2007 the determination of the consideration payable in accordance with the terms of the offer to purchase and consent solicitation statement for the Notes. Holders who validly tendered and did not validly withdraw their Notes and related consents before 5:00 p.m., New York City time, on May 3, 2007 (the "Consent Date") will receive, for each $1,000 principal amount of Notes tendered, Total Consideration equal to $1,058.10, which includes a $30 consent payment (the "Consent Payment"). Holders who tendered their Notes and delivered their consents after the Consent Date, but before the Expiration Date, will receive, for each $1,000 principal amount of Notes tendered, Tender Offer Consideration equal to $1,028.10, which is the Total Consideration less the Consent Payment. Accrued and unpaid interest to, but not including, the payment date will be paid to Holders of record on May 15, 2007 whose Notes are validly tendered and accepted for purchase.