RPM Acquires Leading South African Spray Paint Manufacturer
RPM International Inc. (NYSE: RPM) today announced that its Rust-Oleum Group has acquired Spraymate Group, the producer of South Africa’s leading aerosol paint brand. Based outside of Johannesburg, South Africa, Spraymate has annual net sales of approximately $5 million. Terms of the transaction, which is expected to be accretive to earnings within one year, were not disclosed.
The majority of Spraymate’s sales are in the decorative/retail market through both big box stores and independent dealers under the Spraymate brand, while the company also provides marking paints to the mining industry under the Mine Mate brand.
“This acquisition gives Rust-Oleum, which has been building its presence in South Africa by importing products, the opportunity to utilize Spraymate’s manufacturing and distribution capabilities. Spraymate will benefit from Rust-Oleum’s product innovation, marketing capabilities and category management,” stated Frank C. Sullivan, RPM chairman and chief executive officer. “RPM looks forward to welcoming the Spraymate management team, led by managing director Warren Howell, son of one of the firm’s founders, to the RPM family of businesses.”
RPM International Inc. owns subsidiaries that are world leaders in specialty coatings, sealants, building materials and related services for both industrial and consumer markets. RPM’s industrial products include roofing systems, sealants, corrosion control coatings, flooring coatings and specialty chemicals. Industrial companies include Stonhard, Tremco, illbruck, Carboline, Flowcrete, Day-Glo, Dryvit 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. 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 and planning, at 330-273-5090 or email@example.com. Source: Bloomberg