RPM Acquires Australian Auto Repair and Industrial Coatings Business
MEDINA, Ohio, April 4, 2012 /PRNewswire/ -- RPM International Inc. (NYSE: RPM) announced today that its Rust-Oleum Group has acquired HiChem Paint Technologies Pty. Ltd., a leading Australian manufacturer of automotive aftermarket coatings, as well as specialty coatings for industrial applications and home maintenance. Based in Hallam, Australia, HiChem has annual sales of approximately $23 million. Terms of the transaction, which is expected to be accretive to earnings within one year, were not disclosed.
HiChem manufactures and markets a wide range of vehicle repair, general industrial and home maintenance coatings and products for both do-it-yourselfers and professionals sold under the Motospray and HiChem brands.
"This acquisition expands our presence in the Australian market with well-respected brands and enhances our operational capabilities in the region by providing new distribution channels and local manufacturing. HiChem is an excellent addition to our Rust-Oleum Group and will benefit from Rust-Oleum's innovative new products, marketing savvy and category management capabilities," stated Frank C. Sullivan, RPM chairman and chief executive officer.
HiChem will continue to be led by its existing management team, including founder and former owner Ivan Moldovan.
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 and by hobbyists. Consumer brands include Zinsser, Rust-Oleum, DAP, Varathane and Testors. Additional details can be found at www.RPMinc.com and by following RPM on Twitter at www.twitter.com/RPMintl.
For more information, contact Robert L. Matejka, senior 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; (j) risks and uncertainties associated with the SPHC bankruptcy proceedings; and (k) 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, 2011, 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.