MEDINA, Ohio, April 13, 2015 /PRNewswire/ -- RPM
International Inc. (NYSE: RPM) today announced that its RPM2 Group
has acquired Morrells Woodfinishes Ltd., the United Kingdom's largest manufacturer of
high-performance wood finishes.
Based outside of Manchester,
Morrells has annual net sales of approximately $33 million and
nearly 150 employees. The company will remain a stand-alone
operation within RPM2's Wood Finishes Group. Terms of the
transaction, which is expected to be accretive to earnings within
one year, were not disclosed.
Morrells designs, manufactures and distributes a portfolio of
high-performance wood coating systems. The Morrells product line
includes proprietary wood stains, lacquers, colorants and adhesives
for niche applications in the furniture, cabinetry, and building
construction and restoration sectors. Among its specialty coatings
are finishes that provide protection from fire, weather and
bacteria. The company's products are sold under the Xerofire,
Induro and Omnia brands. Morrells also provides professional
application equipment and accessories under its Sprayshop brand.
The company has an extensive network of branches throughout the UK,
which provide local support to manufacturers for their particular
needs.
"With a strong management team, led by Chief Executives
Scott Drayton and Tony O'Connor, who will stay on to run the
business, a portfolio of advanced technologies and a
customer-centric distribution strategy, Morrells is an excellent
fit within our Wood Finishes Group," stated Frank C. Sullivan, RPM chairman and chief
executive officer. "We intend to accelerate Morrells' growth by
leveraging its coatings technologies across the RPM network."
About RPM
RPM International Inc. owns subsidiaries
that are world leaders in specialty coatings, sealants, building
materials and related services for both industrial and consumer
markets. RPM's industrial products include roofing systems,
sealants, corrosion control coatings, flooring coatings and
specialty chemicals. Industrial companies include Stonhard, Tremco,
illbruck, Carboline, Flowcrete, Day-Glo, Dryvit and Euclid
Chemical. RPM's consumer products are used by professionals and
do-it-yourselfers for home maintenance and improvement and by
hobbyists. Consumer brands include Rust-Oleum, DAP, Zinsser,
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 Barry M.
Slifstein, vice president - investor relations and planning,
at 330-273-5090 or bslifstein@rpminc.com.
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; 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, 2014, 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.
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SOURCE RPM International Inc.