RPM Acquires Canadian Pipeline Coatings Company
MEDINA, Ohio, Sept. 12, 2016 - RPM International Inc. (NYSE: RPM) today announced that it has acquired Specialty Polymer Coatings, Inc. (SPC), a Canadian manufacturer of high-performance coatings for the global oil and gas pipeline market with annual net sales of approximately $26 million. It will operate as a free-standing business within the RPM Performance Coatings Group and report through the Carboline Company. Terms of the transaction, which is expected to be accretive to earnings within one year, were not disclosed.
The SPC product line is comprised predominantly of 100-percent solids epoxy and urethane coatings that contain no volatile organic compounds. They are specified and sold for the maintenance and construction of steel pipes, railway cars, tank linings, steel structures and marine applications. Headquartered near Vancouver, in Langley, British Columbia, SPC also has a manufacturing facility in Brantford, Ontario, and an office and warehouse in Angleton, Texas.
"We already have a strong position in the U.S. oil and gas energy market through our Carboline business. The acquisition of SPC complements that position by providing a proven, tenured technology with strong brand recognition for the pipeline industry. We intend to accelerate SPC's growth by leveraging Carboline's large global sales force," stated Frank C. Sullivan, RPM chairman and CEO. "In keeping with our reputation as the best home for entrepreneurial businesses in our industry, several members of the current senior leadership under the founder, Bob Alliston, will continue to manage the business as part of RPM."
About RPM
RPM International Inc. owns subsidiaries that are world leaders in specialty coatings, sealants, building materials and related services across three segments. RPM's industrial products include roofing systems, sealants, corrosion control coatings, flooring coatings and other construction chemicals. Industrial companies include Stonhard, Tremco, illbruck, Carboline, Flowcrete, RPM Belgium, and Euclid Chemical. RPM's consumer products are used by professionals and do-it-yourselfers for home maintenance and improvement and by hobbyists. Consumer brands include Rust-Oleum, DAP, Zinsser, Varathane and Testors. RPM's specialty products include industrial cleaners, colorants, exterior finishes, specialty OEM coatings, edible coatings, restoration services equipment and specialty glazes for the pharmaceutical and food industries. Specialty segment companies include Day-Glo, Dryvit, RPM Wood Finishes, Mantrose-Haeuser, Legend Brands, Kop-Coat, and TCI. Additional details can be found at www.rpminc.com.
For more information, contact Barry M. Slifstein, vice president – investor relations, at 330-273-5090 or bslifstein@rpminc.com.
SOURCE RPM International Inc.
Web Site: http://www.rpminc.com
