RPM's Euclid Chemical Company Acquires Synthetic Fiber Manufacturer
MEDINA, Ohio, Feb. 10, 2011 - RPM International Inc. (NYSE: RPM) today announced that its subsidiary, The Euclid Chemical Company (Euclid Chemical), has acquired PSI Packaging, Inc. (PSI), a producer of micro- and macro-fibers for the ready-mixed and pre-cast concrete market. With headquarters and manufacturing located in LaFayette, GA, PSI has annual sales of approximately $6 million. Terms of the transaction, which is expected to be accretive to earnings within one year, were not disclosed.
PSI, which was founded in 1999 by its four current owners and executive officers, will become part of Euclid Chemical, a unit of RPM's Building Solutions Group that serves construction markets worldwide. PSI will provide both a complementary product line to existing Euclid Chemical fiber products, as well as manufacturing capacity and expertise.
"This acquisition brings additional manufacturing and sales capacity for fibers used in concrete reinforcement to The Euclid Chemical Company and RPM Building Solutions Group," stated Frank C. Sullivan, RPM chairman and chief executive officer. "As part of Euclid Chemical, PSI will expand its geographical product presence through Euclid Chemical's strong international sales and marketing organization. We look forward to having the PSI team, led by Dave Bliek and Grant Beasley, join RPM."
About RPM
RPM International Inc., a holding company, owns subsidiaries that are world leaders in specialty coatings, sealants, building materials and related services 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, Flowcrete, Universal Sealants and Euco. RPM's consumer products are used by professionals and do-it-yourselfers for home maintenance and improvement, boat repair and maintenance, and by hobbyists. Consumer brands include Zinsser, Rust-Oleum, DAP, Varathane and Testors. Additional details are available at www.rpminc.com.
For more information,contactRobert L. Matejka,senior vice president and chief financial officer,at 330-273-5090orrmatejka@rpminc.com.
SOURCE RPM International Inc.
