RPM Acquires UK-Based Coatings, Construction Products and Bridge Joints Business
By Rpm International Inc., PRNEMonday, January 18, 2010
MEDINA, Ohio, January 19 - RPM International Inc. (NYSE: RPM) today announced that it has acquired
the Universal Sealants (U.K.) Limited group of companies, a United
Kingdom-based supplier of coatings and construction products and services for
bridges and large infrastructure projects. Universal Sealants, which is
headquartered near Newcastle, England and has sales of approximately US$55
million, will operate as a stand-alone industrial business in the RPM
Performance Coatings Group. Terms of the transaction, which is expected to be
accretive to earnings within one year, were not disclosed.
Universal Sealants manufactures, supplies and installs construction
products including waterproofing systems, protective coatings, expansion
joints and concrete repair products. Universal Sealants' products are
primarily used for the construction, maintenance and repair of bridges,
parking structures, tunnels, railways and other major structures. The company
is a market leader in the United Kingdom and Ireland, and has a growing
presence in the Middle East.
"The acquisition of the Universal Sealants group marks the continuation
of RPM's tradition of purchasing high-quality, family-owned businesses that
are leaders in their markets," stated Frank C. Sullivan, RPM chairman and
chief executive officer. "We are very excited that George Paxton, who founded
Universal Sealants with his late brother John, and George's highly talented
management team will remain with the organization."
"Given its established presence in a highly specified industry, Universal
Sealants is especially well situated to capitalize on the projected growth in
global infrastructure spending. In addition, by leveraging the RPM
Performance Coatings Group's expanding geographic presence and global
manufacturing base, we expect to help accelerate the growth of Universal
Sealants."
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, Day-Glo, Euco and Dryvit. 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, contact P. Kelly Tompkins, executive vice president
and chief financial officer, at +1-330-273-5090 or ktompkins@rpminc.com.
This press release contains "forward-looking statements" relating to our
business. These forward-looking statements, or other statements made by us,
are made based on our expectations and beliefs concerning future events
impacting us, and are subject to uncertainties and factors (including those
specified below) which are difficult to predict and, in many instances, are
beyond our control. As a result, our actual results could differ materially
from those expressed in or implied by any such forward-looking statements.
These uncertainties and factors include (a) global markets and general
economic conditions, including uncertainties surrounding the volatility in
financial markets, the availability of capital and the effect of changes in
interest rates, and the viability of banks and other financial institutions;
(b) the prices, supply and capacity of raw materials, including assorted
pigments, resins, solvents and other natural gas- and oil-based materials;
packaging, including plastic containers; and transportation services,
including fuel surcharges; (c) continued growth in demand for our products;
(d) legal, environmental and litigation risks inherent in our construction
and chemicals businesses and risks related to the adequacy of our insurance
coverage for such matters; (e) the effect of changes in interest rates; (f)
the effect of fluctuations in currency exchange rates upon our foreign
operations; (g) the effect of non-currency risks of investing in and
conducting operations in foreign countries, including those relating to
domestic and international political, social, economic and regulatory
factors; (h) risks and uncertainties associated with our ongoing acquisition
and divestiture activities; (i) risks related to the adequacy of our
contingent liability reserves, including for asbestos-related claims and
warranty obligations; and (j) other risks detailed in our filings with the
Securities and Exchange Commission, including the risk factors set forth in
our Annual Report on Form 10-K for the year ended May 31, 2009, as the same
may be updated from time to time. We do not undertake any obligation to
publicly update or revise any forward-looking statements to reflect future
events, information or circumstances that arise after the date of this
release.
Kelly Tompkins of RPM International Inc., +1-330-273-5090
Tags: Medina, Ohio, Rpm International Inc., United Kingdom