MEDINA, Ohio, April 13, 2015 /PRNewswire/ -- RPM International Inc. (NYSE: RPM) today announced that its RPM2 Group has acquired Morrells Woodfinishes Ltd., the United Kingdom's largest manufacturer of high-performance wood finishes.
Based outside of Manchester, Morrells has annual net sales of approximately $33 million and nearly 150 employees. The company will remain a stand-alone operation within RPM2's Wood Finishes Group. Terms of the transaction, which is expected to be accretive to earnings within one year, were not disclosed.
Morrells designs, manufactures and distributes a portfolio of high-performance wood coating systems. The Morrells product line includes proprietary wood stains, lacquers, colorants and adhesives for niche applications in the furniture, cabinetry, and building construction and restoration sectors. Among its specialty coatings are finishes that provide protection from fire, weather and bacteria. The company's products are sold under the Xerofire, Induro and Omnia brands. Morrells also provides professional application equipment and accessories under its Sprayshop brand. The company has an extensive network of branches throughout the UK, which provide local support to manufacturers for their particular needs.
"With a strong management team, led by Chief Executives Scott Drayton and Tony O'Connor, who will stay on to run the business, a portfolio of advanced technologies and a customer-centric distribution strategy, Morrells is an excellent fit within our Wood Finishes Group," stated Frank C. Sullivan, RPM chairman and chief executive officer. "We intend to accelerate Morrells' growth by leveraging its coatings technologies across the RPM network."
About RPMRPM 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 firstname.lastname@example.org.
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) global markets and general economic conditions, including uncertainties surrounding the volatility in financial markets, the availability of capital and the effect of changes in interest rates, and the viability of banks and other financial institutions; (b) the prices, 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 liability reserves; 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, 2014, 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.
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RPM International Inc. (NYSE: RPM) owns subsidiaries that are world leaders in coatings, sealants, building materials and related services. From homes to precious landmarks worldwide, their brands are trusted by consumers and professionals alike to protect, improve and beautify. Among its leading consumer brands are Rust-Oleum, DAP and Zinsser. Learn more about RPM brands >>
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