RPM Acquires UK's Largest Wood Finishes Manufacturer
MEDINA, Ohio - RPM International Inc. (NYSE: RPM) today announced that its RPM2 Group has acquired Morrells Woodfinishes Ltd., the United Kingdom's largest manufacturer of high-performance wood finishes.
Based outside of Manchester, Morrells has annual net sales of approximately $33 million and nearly 150 employees. The company will remain a stand-alone operation within RPM2's Wood Finishes Group. Terms of the transaction, which is expected to be accretive to earnings within one year, were not disclosed.
Morrells designs, manufactures and distributes a portfolio of high-performance wood coating systems. The Morrells product line includes proprietary wood stains, lacquers, colorants and adhesives for niche applications in the furniture, cabinetry, and building construction and restoration sectors. Among its specialty coatings are finishes that provide protection from fire, weather and bacteria. The company's products are sold under the Xerofire, Induro and Omnia brands. Morrells also provides professional application equipment and accessories under its Sprayshop brand. The company has an extensive network of branches throughout the UK, which provide local support to manufacturers for their particular needs.
"With a strong management team, led by Chief Executives Scott Drayton and Tony O'Connor, who will stay on to run the business, a portfolio of advanced technologies and a customer-centric distribution strategy, Morrells is an excellent fit within our Wood Finishes Group," stated Frank C. Sullivan, RPM chairman and chief executive officer. "We intend to accelerate Morrells' growth by leveraging its coatings technologies across the RPM network."
About RPM
RPM International Inc. owns subsidiaries that are world leaders in specialty coatings, sealants, building materials and related services for both industrial and consumer markets. RPM's industrial products include roofing systems, sealants, corrosion control coatings, flooring coatings and specialty chemicals. Industrial companies include Stonhard, Tremco, illbruck, Carboline, Flowcrete, Day-Glo, Dryvit 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. Additional details can be found at www.RPMinc.com
For more information, contact Barry M. Slifstein, vice president - investor relations and planning, at 330-273-5090 or bslifstein@rpminc.com.
SOURCE RPM International Inc.
