RPM Acquires Leading Provider of Insulated Concrete Forms

RPM, Inc. Sep 12, 2018

MEDINA, Ohio--(BUSINESS WIRE)--Sep. 11, 2018-- RPM International Inc. (NYSE: RPM) today announced that it has acquired Nudura Corporation, the leading manufacturer and distributor of insulated concrete forms (ICF) in North America. Based in Ontario, Canada, Nudura has annual net sales in excess of $40 million. Terms of the transaction, which is expected to be accretive to earnings within one year, were not disclosed.

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Nudura provides four series of ICF wall systems, consisting of foam boards made from expanded polystyrene (EPS) and integral hinged plastic webs that hold both sides of the boards together. Concrete is then poured into the form to make an insulated concrete wall system. Nudura also offers a range of complementary building envelope products. A niche and emerging product in the building materials industry, ICFs provide enhanced energy efficiency and superior insulation, as well as greater resistance to fire, hurricanes, earthquakes and flooding, compared to traditional construction methods.

The company has three strategically located manufacturing plants and an extensive network of 260 locally based professional distributors in key North American markets. Its patented products are sold to design professionals, architects and contractors for residential and commercial applications. They are used to construct homes, schools, medical and commercial facilities, and other buildings that can benefit from the insulative and structural properties of ICF construction.

Nudura will operate within the RPM Specialty Products Group as a stand-alone operating unit of RPM's Dryvit business. Dryvit is the leading manufacturer of exterior insulation and finish systems (EIFS) in North America and the innovator of NewBrick, a lightweight, energy efficient brick product.

"Nudura is an excellent strategic fit that offers several key competitive advantages for Dryvit. Its product line will complement and expand Dryvit's existing product offering, allowing for enhanced cross-selling opportunities," stated Frank C. Sullivan, chairman and CEO of RPM. "At the same time, Nudura's manufacturing footprint will be leveraged for efficiencies in the manufacturing of Dryvit's NewBrick product, as well as products of other companies within our Specialty Products Group."

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, Euclid Chemical and RPM Belgium Vandex. 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 and by following RPM on Twitter at www.twitter.com/RPMintl.