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Still showing a voracious appetite for acquisitions, Carboline parent RPM International Inc. has just swallowed its fourth company in about six months.
The Medina, OH-based holding company, which already owns many of the world’s leading coating brands, announced Wednesday (April 4) that its Rust-Oleum Group had purchased HiChem Paint Technologies Pty. Ltd.
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| HiChem Paint Technologies is a leading Australian manufacturer of automotive aftermarket coatings and specialty coatings for industrial applications and home maintenance. |
HiChem is a leading Australian manufacturer of industrial and protective paints, coatings and thinners; automotive aftermarket coatings; and home maintenance paints, all marketed under the Motospray and HiChem brands. The company has annual sales of about $23 million.
Terms of the deal were not disclosed.
Expansion Down Under
Acquiring the well-known Australian brands will expand RPM’s presence in that region and provide the company with new local distribution channels and operating capabilities, said RPM chairman and CEO Frank C. Sullivan. HiChem has warehouses in all of Australia’s capitals and a growing distribution system in all of its states.
“HiChem is an excellent addition to our Rust-Oleum Group and will benefit from Rust-Oleum's innovative new products, marketing savvy and category management capabilities,” Sullivan said.
HiChem will continue to be led by its current management team, including founder and former owner Ivan Moldovan.
‘Robust Acquisition Program’
HiChem is just the latest in a steady series of RPM corporate conquests. The company has been pursuing what Sullivan calls a “robust acquisition program” in recent years and hired a new director of corporate development in January to keep up the pace.
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| Rust-Oleum’s industrial portfolio currently includes traffic marking paint and high-performance coatings for wood, metal and masonry. |
RPM subsidiaries already include some of the world’s best-known specialty coatings, sealants, building materials and related services for industrial and consumer markets. Its industrial brands include Carboline, Stonhard, Tremco, illbruck, Flowcrete, Universal Sealants and Euco.
Just since February 2011, RPM has acquired:
• FEMA Farben + Putze GmbH, a German manufacturer and supplier of External Insulating and Finishing Systems (EIFS);
• Grupo P&V, a leading European supplier of passive fire protection and insulation products based in in Barcelona, Spain;
• Legend Brands, which provides equipment and solutions for water and fire damage restoration, professional cleaning and environmental control;
• API S.p.A., an Italian producer and installer of polyurethane and urethane-based flooring and decking; and
• PSI Packaging Inc., of Lafayette, GA, a producer of micro- and macro-fibers for the ready-mixed and pre-cast concrete market.
In May 2011, RPM also increased its interest in Kemrock Industries and Exports Ltd., an Indian fiberglass reinforced plastic composites manufacturer with more than $200 million in annual sales.
The companies have a combined total of nearly $370 million in annual sales.
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