MEDINA, Ohio–(BUSINESS WIRE)–RPM
International Inc. (NYSE: RPM) today announced that its Tremco
business has acquired Schul
International Co., LLC, a manufacturer of joint sealants for
commercial construction, and Willseal
LLC, a business that markets and sells Schul products. Both
companies are headquartered in Hudson, N.H., and have combined annual
net sales of approximately $15 million. Terms of the transaction, which
is expected to be accretive to earnings within one year, were not
disclosed.
Schul’s product line primarily consists of pre-compressed,
self-expanding foam tapes, which are used for sealing vertical and
horizontal joints in applications that include window seals, precast
concrete, modular construction and concrete façade restoration. They are
sold under the Sealtite and Willseal brands.
Schul is an industry innovator that has developed a number of
proprietary systems, including those that are fire rated to provide
passive fire protection and others that are pre-coated with silicone to
deliver weather-tight joints. Its systems are further differentiated by
the use of monolithic foam versus competing products that are made from
several foam layers that are laminated together.
Schul and Willseal will be integrated into RPM’s Tremco
Commercial Sealants & Waterproofing business, which specializes
in the manufacture of sealants and waterproofing products for
commercial, residential, industrial and infrastructure markets. The
companies’ entrepreneurial leaders, Steve Robinson of Schul and Brian
Iske of Willseal, will continue in their current roles with the business
units as part of Tremco.
“The acquisition of Schul strengthens Tremco’s position as a global
market leader and puts RPM in a leading position for impregnated foam
tape technology. Through this transaction, we are creating a platform
for North American-based production, augmenting our product development
capabilities and leveraging other synergies that will be further
enhanced by our MAP to Growth operating improvement initiative,” stated
Frank C. Sullivan, chairman and CEO of RPM. “Schul’s well-recognized
brands complement our existing product offering with new solutions, and
we intend to drive revenue growth for Schul’s products by leveraging
Tremco’s existing sales structure.”
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,
Euclid
Chemical and RPM
Belgium Vandex. 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 Russell L. Gordon, vice president and
chief financial officer, at 330-273-5090 or [email protected].
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) the timing of and the
realization of anticipated cost savings from restructuring initiatives
and the ability to identify additional cost savings opportunities; (j)
risks related to the adequacy of our contingent liability reserves; and
(k) 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, 2018, 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.
Contacts
Russell L. Gordon
Vice President and Chief Financial Officer
330-273-5090
[email protected]
