MEDINA, Ohio, June 10, 2010 /PRNewswire via COMTEX/ --RPM International Inc. (NYSE: RPM) today announced that its Performance Coatings Group has acquired Hummervoll Industribelegg AS, a supplier and installer of industrial flooring systems based in Bergen, Norway, with annual sales of more than $11 million. Terms of the transaction, which is expected to be accretive to earnings within one year, were not disclosed.
Hummervoll, founded in 1980 by Per Hummervoll, serves both onshore and offshore markets with its concrete- and epoxy-based flooring systems. Its onshore division primarily focuses on the food, manufacturing and chemical industries. The offshore division provides flooring solutions for oil platforms, barricade decks and emergency escape routes.
"The addition of Hummervoll to the RPM Performance Coatings Group presents both top- and bottom-line growth opportunities for RPM. In particular, it broadens our presence in Scandinavia by expanding our overall product line, sales force, installation teams and customer base," stated Frank C. Sullivan, RPM chairman and chief executive officer. "We welcome Per Hummervoll and his management team to the family of RPM companies and look forward to supporting their continuing growth."
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, 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 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, 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.