MEDINA, Ohio, Oct. 6, 2016 /PRNewswire/ -- RPM
International Inc. (NYSE: RPM) today announced at its annual
meeting of stockholders that its board of directors declared a
regular quarterly cash dividend of $0.30 per share, payable on October 31, 2016, to stockholders of record as of
October 17, 2016. This payment
represents a 9.1 percent increase over the $0.275 quarterly cash dividend paid at this time
last year.
This action marks RPM's 43rd consecutive year of increased cash
dividends paid to its stockholders, which places RPM in an elite
category of less than half of 1 percent of all 19,000 publicly
traded U.S. companies. Only 44 other companies, besides RPM, have
consecutively paid an increasing annual dividend for this period of
time or longer, according to the 2016 summer edition of the
Mergent Handbook of Dividend Achievers. At a share price of
$50.00, RPM's dividend yield would be
2.4 percent.
"As noted in our fiscal 2016 annual report, RPM has outperformed
the S&P 500 Index and its peer group in cumulative total return
for the five- and ten-year periods ended May
31, 2016," stated Frank C.
Sullivan, chairman and chief executive officer.
"Consistently increasing our cash dividend has been critical to our
ability to significantly outpace the market and deliver value to
our shareholders."
At the meeting, Thomas C.
Sullivan officially retired as a director of RPM after 55
years of service. He joined RPM's predecessor, Republic Powdered
Metals, in 1961 as a divisional sales manager. He assumed
leadership of the then-$11-million
company in 1971 upon the sudden death of his father and RPM
founder, Frank C. Sullivan. When he
stepped down as chief executive officer in 2002, RPM's annual sales
were more than $2 billion. Today,
they are nearly $5 billion.
"Tom shaped RPM's corporate culture, established its core
operating principles and has been a key driver of its growth and
success. If you made a $1,000
investment in RPM on May 31, 1971,
near the start of Tom's leadership, and reinvested the dividends,
your investment would have grown at an incredible rate to
$510,190 by the end of our 2016
fiscal year. The same investment in the S&P 500 over a
comparable timeframe would be worth $81,100," stated Frank C.
Sullivan. "Tom leaves a lasting legacy that will continue to
reward our shareholders and guide our current management team. We
are extremely grateful for the mentorship and guidance he has
provided."
In addition, four directors were elected to serve in Class I
with three-year terms expiring at the annual meeting of
stockholders in 2019. They include David A.
Daberko, retired chairman of the board and chief executive
officer, National City Corporation, now a part of PNC Financial
Services Group, Inc.; Thomas S.
Gross, retired vice chairman and chief operating officer for
the Electrical Sector of Eaton Corporation plc; Craig S. Morford, chief legal and compliance
officer of Cardinal Health, Inc.; and Frank
C. Sullivan, chairman and chief executive officer of
RPM.
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, 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.
For more information, contact Barry M.
Slifstein, vice president – investor relations, 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, 2016, 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.