MEDINA, Ohio, May 18, 2016 /PRNewswire/ -- RPM
International Inc. (NYSE: RPM) today announced that its Carboline
Company subsidiary acquired the remaining 51% interest in its
Chinese joint venture, Carboline Dalian Paint Production Co., Ltd.
(Carboline Dalian), bringing its
total ownership to 100%. Terms of the transaction, which is
expected to be accretive to earnings within one year, were not
disclosed.
Carboline acquired its initial 49% interest in the company in
2009. UniChemical Company, originally a Carboline licensee, has
been Carboline's long-standing partner in the joint venture.
Carboline Dalian, with sales of
approximately $11 million,
manufactures corrosion control coatings and linings for oil and
gas, power and petrochemical related projects. Headquartered in
Dalian, China, the company also
has operations in Shanghai,
Tianjin, Guangzhou and Hong
Kong.
"China presents vast growth
opportunities, but is also a very dynamic market. Because of these
conditions, we chose to enter China in 2009 with a local joint venture
partner," stated Frank C. Sullivan,
RPM chairman and chief executive officer. "Now, with full ownership
of the business, we can accelerate the growth of Carboline in the
region and enable it to serve as a platform for our other
subsidiaries to increase their penetration throughout the Chinese
marketplace."
About RPM
RPM International Inc. owns subsidiaries
that are world leaders in specialty coatings, sealants, building
materials and related services across three segments. RPM's
industrial products include roofing systems, sealants, corrosion
control coatings, flooring coatings and other construction
chemicals. Industrial companies include Stonhard, Tremco, illbruck,
Carboline, Flowcrete, 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. RPM's
specialty products include industrial cleaners, colorants, exterior
finishes, specialty OEM coatings, edible coatings, restoration
services equipment and specialty glazes for the pharmaceutical and
food industries. Specialty segment companies include Day-Glo,
Dryvit, RPM Wood Finishes, Mantrose-Haeuser, RPM Belgium, Legend
Brands, Kop-Coat, and TCI. Additional details can be found at
www.rpminc.com and by following RPM on Twitter at
www.twitter.com/RPMintl.
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, 2015, 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.