RPM's Rust-Oleum Acquires Tor Coatings Limited
MEDINA, Ohio, March 2 : RPM International Inc. (NYSE:RPM) announced today that its subsidiary, Rust-Oleum Corporation ("Rust-Oleum"), has acquired Tor Coatings Limited ("Tor"), a leading manufacturer and marketer of specialty coatings in the United Kingdom. Terms were not disclosed.
Tor is based in Birtley, England, and, in addition to selling specialty coatings under the Tor brand, they also sell under the Blackfriars, Holdtite, Solignum, Ratcliffe, and Macroplexx brands. Rust-Oleum, based in Vernon Hills, IL, is a leading provider of specialty coatings used in both consumer and industrial applications.
Tor has annual sales of approximately $45 million and is expected to be accretive to earnings within the year.
"This acquisition is an excellent strategic fit with our growing Rust- Oleum business in Europe," said Frank C. Sullivan, RPM president and chief executive officer. "In addition to expanding our technical expertise, we strengthen our coatings presence in the consumer market in the UK and broaden our distribution of industrial and commercial coatings. We look forward to working closely with Tor's high-quality management team led by Colin Carter."
RPM International Inc., a holding company, owns subsidiaries that are world leaders in specialty coatings and sealants serving both industrial and consumer markets. RPM's industrial products include roofing systems, sealants, corrosion control coatings, flooring coatings and specialty chemicals. Industrial brands include Stonhard, Tremco, illbruck, Carboline, Day-Glo, Euco, and Dryvit. RPM's consumer products are used by professionals and do-it- yourselfers for home maintenance and improvement, automotive and boat repair and maintenance, and by hobbyists. Consumer brands include Zinsser, Rust- Oleum, DAP, Varathane, Bondo, and Testors.
For more information, contact P. Kelly Tompkins, executive vice president and chief administrative officer, at 330-273-8883 or ktompkins@rpminc.com.
FCMN Contact: krogers@rpminc.com
Source: RPM International Inc.
CONTACT: P. Kelly Tompkins, executive vice president and chief administrative officer of RPM International Inc., +1-330-273-8883 or ktompkins@rpminc.com
Web site: http://www.rpminc.com/
