RPM INTL INC : RPM Acquires UK-Based Coatings, Construction Products and Bridge Joints Business
01/19/2010| 02:50pm US/Eastern
MEDINA, Ohio, Jan. 19 /PRNewswire-FirstCall/ -- 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 $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."
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 330-273-5090 or firstname.lastname@example.org.
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.
SOURCE RPM International Inc.