RPM International (RPM) Announces Acquisition of Specialty Polymer Coatings
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RPM International Inc. (NYSE: RPM) today announced that it has acquired Specialty Polymer Coatings, Inc. (SPC), a Canadian manufacturer of high-performance coatings for the global oil and gas pipeline market with annual net sales of approximately $26 million. It will operate as a free-standing business within the RPM Performance Coatings Group and report through the Carboline Company. Terms of the transaction, which is expected to be accretive to earnings within one year, were not disclosed.
The SPC product line is comprised predominantly of 100-percent solids epoxy and urethane coatings that contain no volatile organic compounds. They are specified and sold for the maintenance and construction of steel pipes, railway cars, tank linings, steel structures and marine applications. Headquartered near Vancouver, in Langley, British Columbia, SPC also has a manufacturing facility in Brantford, Ontario, and an office and warehouse in Angleton, Texas.
"We already have a strong position in the U.S. oil and gas energy market through our Carboline business. The acquisition of SPC complements that position by providing a proven, tenured technology with strong brand recognition for the pipeline industry. We intend to accelerate SPC's growth by leveraging Carboline's large global sales force," stated Frank C. Sullivan, RPM chairman and CEO. "In keeping with our reputation as the best home for entrepreneurial businesses in our industry, several members of the current senior leadership under the founder, Bob Alliston, will continue to manage the business as part of RPM."
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