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RPM's Stonhard Subsidiary Acquires Australian Distributor

Published on 2009-09-25. Author : SpecialChem

MEDINA, Ohio -- RPM International Inc., a worldwide specialty coatings and building materials and services holding company, announced that its Stonhard subsidiary, part of RPM's Performance Coatings Group, has acquired Ascoat Contracting Pty Ltd and Ascoat Pty Ltd, a supplier and installer of polymer flooring systems. Terms of the transaction, which is expected to be accretive to earnings within one year, were not disclosed.

Based in Melbourne, Victoria, Australia, and with annual sales of approximately $5 million, Ascoat has been Stonhard's exclusive Australian distributor since 1996. Founded in 1988, Ascoat will continue to be led by its existing owners, John Black and Terry Callaghan.

Ascoat serves primarily industrial markets, with a focus on food processing, pharmaceutical and general manufacturing. Ascoat's capabilities include turnkey contracting, floor care services, consultation, specification, installation and warranties.

"We see this acquisition as a near-term opportunity to broaden the base of our Stonhard business throughout Australia given Ascoat's strong base in Victoria," stated Frank C. Sullivan, RPM chairman and chief executive officer. "This will also give our Performance Coatings Group a strategic platform for further penetration of the Asia-Pacific region."

About RPM International Inc.:

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

Source: RPM International Inc.


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