RPM continues to be more efficient in utilizing manufacturing assets to generate cost savings opportunities. The benefits of its center-led procurement initiatives are becoming even more evident in the current inflationary raw material environment. At the conclusion of fiscal year 2021, which ended May 31, 2021, the company exceeded the program’s targeted run rate of $290 million in annualized savings by $30 million. RPM also significantly improved its profit margin profile and cash generation, as reflected in the cumulative total return generated by RPM that has exceeded its peer group average over the last three years.
Over the course of the three-year initiative, RPM reduced its global manufacturing footprint by 28 facilities, created a lasting culture of manufacturing excellence and continuous improvement, consolidated material spending across our operating companies, negotiated improved payment terms that helped to reduce working capital, consolidated 46 accounting locations, migrated 75% of the organization to one of four group-level ERP platforms and returned $1.1 billion of capital to shareholders. Additional details can be found in the fiscal 2021 fourth-quarter earnings release and conference call.
While RPM officially concluded its MAP to Growth operating improvement plan, the company expects to generate more than $50 million in incremental MAP to Growth savings in fiscal 2022. RPM’s next step is to leverage the lessons learned from MAP to Growth to chart a course for 2025. Over the next six to 12 months, RPM will be working on a ‘MAP 2.0’ program in conjunction with our operating leaders.