Jan 20 2010
RPM International Inc. (NYSE: RPM) today announced that it has acquired the Universal Sealants (U.K.) Limited group of companies, a United Kingdom-based supplier of coatings and construction products and services for bridges and large infrastructure projects. Universal Sealants, which is headquartered near Newcastle, England and has sales of approximately $55 million, will operate as a stand-alone industrial business in the RPM Performance Coatings Group. Terms of the transaction, which is expected to be accretive to earnings within one year, were not disclosed.
Universal Sealants manufactures, supplies and installs construction products including waterproofing systems, protective coatings, expansion joints and concrete repair products. Universal Sealants' products are primarily used for the construction, maintenance and repair of bridges, parking structures, tunnels, railways and other major structures. The company is a market leader in the United Kingdom and Ireland, and has a growing presence in the Middle East.
"The acquisition of the Universal Sealants group marks the continuation of RPM's tradition of purchasing high-quality, family-owned businesses that are leaders in their markets," stated Frank C. Sullivan, RPM chairman and chief executive officer. "We are very excited that George Paxton, who founded Universal Sealants with his late brother John, and George's highly talented management team will remain with the organization."
"Given its established presence in a highly specified industry, Universal Sealants is especially well situated to capitalize on the projected growth in global infrastructure spending. In addition, by leveraging the RPM Performance Coatings Group's expanding geographic presence and global manufacturing base, we expect to help accelerate the growth of Universal Sealants."
Source: http://www.rpminc.com/