Industry News

Carboline Company Acquires Finnaren & Haley Marine & Industrial Assets

Published on 2007-06-04. Author : SpecialChem

ST. LOUIS -- Carboline Company announced that it has acquired the Marine and Industrial Assets of Finnaren & Haley, a national supplier of marine, industrial and architectural products. Terms were not disclosed.

Finnaren & Haley is a well established, privately-held paint manufacturer and retailer headquartered in Conshohocken, PA. The marine and industrial coatings are sold throughout the USA and internationally, and consist of a full-line of new construction and maintenance coatings that are specified, sold and applied to U.S. government vessels, tug boats, barges, work boats and other shipyard customers/owners. Key customers are located throughout the USA. Finnaren & Haley marine coatings are also included as specifications for Army new construction, maintenance and for the Army Corps of Engineers.

Carboline Company is a wholly owned subsidiary of RPM International Inc. (NYSE: RPM - News) and is a world leader in high performance coatings, lining systems and fireproofing. Carboline provides a comprehensive line of products for the protection of steel and concrete substrates from both corrosion and fire damage. The company's products are widely used in the petrochemical, offshore drilling, marine, pipeline and terminal, bridge and highway, water and wastewater treatment, OEM, rail, pulp and paper, commercial architectural and other markets where long term asset protection is a high priority. The company serves these markets with an international sales force working directly with owners, engineers, manufacturers, fabricators and specialty applicators.

With the acquisition of Finnaren & Haley's Marine and Industrial Products, Carboline will have a complete product line and large sales organization to serve national marine owners and shipyards.

"We are excited about the opportunity the Finnaren & Haley product line offers us. Carboline now has the products and specifications to be a leading supplier of specialty marine products. This acquisition supports our long- term strategy of maintaining our leadership position in the industrial and marine coatings markets in North America and internationally," stated Richard M. Wilson, president, Carboline Company.

RPM International Inc., a holding company, owns subsidiaries that are world leaders in specialty coatings and sealants 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 Carboline, Tremco, illbruck, Stonhard, Day-Glo, Euco and Dryvit. RPM's consumer products are used by professionals and do-it- yourselfers for home maintenance and improvement, automotive and boat repair and maintenance, and by hobbyists. Consumer brands include Zinsser, Rust- Oleum, DAP, Varathane, Bondo and Testors.

This press release contains "forward-looking statements" relating to the business of RPM International Inc. These forward-looking statements, or other statements made by the company, are made based on management's expectations and beliefs concerning future events impacting the company and are subject to uncertainties and factors (including those specified below) which are difficult to predict and, in many instances, are beyond the control of the company. As a result, actual results of the company could differ materially from those expressed in or implied by any such forward-looking statements. These uncertainties and factors include (a) general economic conditions; (b) the price, supply and capacity of raw materials, including assorted resins and solvents; packaging, including plastic containers; and transportation services, including fuel surcharges; (c) continued growth in demand for the company's products; (d) legal, environmental and litigation risks inherent in the company's construction and chemicals businesses and risks related to the adequacy of the company's insurance coverage for such matters; (e) the effect of changes in interest rates; (f) the effect of fluctuations in currency exchange rates upon the company's 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 the company's ongoing acquisition and divestiture activities; (i) risks related to the adequacy of its contingent liability reserves, including for asbestos-related claims; and other risks detailed in the company's filings with the Securities and Exchange Commission, including the risk factors set forth in the company's Annual Report on Form 10-K for the year ended May 31, 2006, as the same may be updated from time to time. RPM does 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: Carboline Company

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