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RPM Coatings Acquires Italy’s API

Thursday, August 4, 2011

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RPM International’s Performance Coatings Group has acquired API S.p.A., a $28 million producer and installer of polyurethane and urethane-based flooring and decking solutions for cruise ships, mega-yachts and naval applications.

API, based in Genoa, Italy, also produces epoxy and polyurethane flooring systems for the Italian building market.

Protective Products Portfolio

Founded in 1958, API has become one of the top names in design and production of resinous compounds for use as high-technology protective products and sealants.

API

API’s Marine Division produces protective coatings for ship decks.

Products include protective and decorative coatings for ships’ decks, concrete protection and restoration coatings, waterproofing and sealing, tank coatings for foodstuffs and petrochemicals, anti-corrosion protection, and surface coatings for heliports and airports.

API will continue to be led by Giorgio Magnaghi, managing director and grandson of company founder Mario Magnaghi. The management team also includes Vittorio and Beniamino Magnaghi, two other grandsons of the founder.

The acquisition is expected to be accretive to earnings within one year. Terms of the deal were not disclosed.

Commercial Flooring

“API enhances RPM’s presence in the decorative flooring market and will complement the strengths of our Stonhard and Flowcrete commercial polymer flooring businesses,” said Frank C. Sullivan, RPM chairman and chief executive officer.

 “We’re fortunate to have Giorgio Magnaghi and his team continue to run this business as part of RPM, and their joining with us is yet another example of RPM’s appeal as an ideal home for entrepreneurs in our industry.”

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. Its industrial brands include Stonhard, Tremco, illbruck, Carboline, Euco, Flowcrete and Universal Sealants.