Acquisition Expands Global Resin Flooring PresenceMEDINA, Ohio, April 7, 2008, 2008 /PRNewswire-FirstCall via COMTEX News Network/ -- RPM International
Inc. (NYSE: RPM) announced today the acquisition of Flowcrete Group
("Flowcrete"), a leading global manufacturer and marketer of resin flooring
systems for industrial and commercial applications. Flowcrete, established in
1982 and headquartered near Manchester, England, has sales of approximately
$85 million. Terms were not disclosed.
Flowcrete's wide range of decorative and high-performance flooring systems
are sold to applicators, contractors and end users under the Flowcrete,
Flowfresh, Isocrete, Deckshield and Mondeco brands. These flooring systems
are predominately used in manufacturing plants, stadiums, schools, hospitals,
parking decks and other industrial or commercial environments that require
lasting, decorative seamless systems.
Flowcrete has expanded aggressively in international markets, especially
Europe and Asia, and represents an opportunity for further penetration into
the growing global resin/seamless floor market. Flowcrete will remain a
stand-alone business under its current management team led by managing
director, Mark Greaves. Mr. Greaves will report to RPM group operating
president, Dave Reif.
"We are excited to bring the Flowcrete Group into the RPM family," stated
Frank C. Sullivan, RPM's president and chief executive officer. "In this fast
growing and highly fragmented market, service and reputation are critical to
long-term growth. Flowcrete is a strong global franchise with an excellent
team of people, led by Mark Greaves, which is committed to providing its
customers with world class flooring products and solutions. Mark's global
vision for this business, coupled with his entrepreneurial operating
philosophy, makes Flowcrete an ideal company to join RPM."
RPM International Inc., a holding company, owns subsidiaries that are
world leaders in specialty coatings and sealants 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, and boat repair
and maintenance, and by hobbyists. Consumer brands include Zinsser,
Rust-Oleum, DAP, Varathane and Testors.
For more information, contact P. Kelly Tompkins, executive vice president
and chief administrative officer at 330-273-5090 or firstname.lastname@example.org.
This press release contains "forward-looking statements" relating to the
business of the company. These forward-looking statements, or other statements
made by the company, are made based on management's expectations and beliefs
concerning future events impacting the company and are subject to
uncertainties and factors (including those specified below) which are
difficult to predict and, in many instances, are beyond the control of the
company. As a result, actual results of the company could differ materially
from those expressed in or implied by any such forward-looking statements.
These uncertainties and factors include (a) general economic conditions; (b)
the prices and availability of raw materials, including assorted resins and
solvents; 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
liabilities, including for existing and future asbestos-related claims; 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, 2007, as the same may be updated from time to
time. RPM does 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.