RPM Acquires Interest in Chinese Licensee
MEDINA, Ohio, Feb. 13 /PRNewswire-AsiaNet/ --
RPM International Inc. (NYSE: RPM) today announced that its subsidiary,
Carboline Company, acquired a 49% interest in its Chinese licensee, Carboline
Dalian Paint Production Co., Ltd. (Carboline Dalian). Terms of the transaction
were not disclosed.
The remaining 51% of the joint venture will be owned by UniChemical
Company, a long-standing partner of Carboline in another joint venture,
Carboline Korea Ltd.
Carboline Dalian, with sales expected to approach $10 million,
manufactures corrosion control coatings and linings for a variety of
industries, including offshore drilling, oil and gas, petrochemical, general
manufacturing and OEM, nuclear and conventional power, among others.
"Supported by Carboline Dalian founder David Lee and his strong management
team, this partnership will allow Carboline to further expand its position in
China and Asia, and provide a greater level of service to its international
customers," stated chairman and chief executive officer Frank C. Sullivan.
"It solidifies our relationship with David Lee and sets up Carboline's
long-term strategy to control its own destiny in one of the world's most
dynamic and growing markets."
Carboline Dalian's headquarters and manufacturing facilities are located
in Dalian City, Liaoning Province, People's Republic of China. The company,
which employs 60, also has a sales office and warehouse in Shanghai.
RPM International Inc., a holding company, owns subsidiaries that are world
leaders in specialty coatings and sealants serving both industrial and
consumer markets. RPM's industrial products include roofing systems, sealants,
corrosion control coatings, flooring coatings and specialty chemicals.
Industrial brands include Stonhard, Tremco, illbruck, Carboline, Day-Glo, Euco
and Dryvit. RPM's consumer products are used by professionals and
do-it-yourselfers for home maintenance and improvement, boat repair and
maintenance, and by hobbyists. Consumer brands include Zinsser, Rust-Oleum, DAP,
Varathane and Testors.
For more information, contact P. Kelly Tompkins, executive vice president
- administration and chief financial officer, at 330-273-5090 or
ktompkins@rpminc.com.
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) general economic conditions; (b)
the price, 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) risks related to the adequacy of our contingent liabilities,
including for asbestos-related claims; and (j) 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,
2008, 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.
SOURCE: RPM International Inc.
CONTACT: P. Kelly Tompkins,
Executive Vice President - Administration and
Chief Financial Officer,
RPM International Inc.,
+1-330-273-5090,
ktompkins@rpminc.com
(RPM)
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