MEDINA, Ohio, Aug 31, 2005 /PRNewswire-FirstCall via COMTEX/ -- RPM International Inc.
(NYSE: RPM) announced today that its wholly owned subsidiary, Tremco
Incorporated, has completed the acquisition of privately owned Illbruck
Sealant Systems, located in Leverkusen, Germany, for approximately
$137 million, including net debt assumption of approximately $10 million,
subject to certain post-closing adjustments. The acquisition agreement was
announced July 25, 2005 and the customary European approvals have since been
Illbruck, with sales of approximately $190 million, is a leading
manufacturer of innovative, high-performance sealants and installation systems
for pre-fabricated construction elements and for window and door applications.
Illbruck systems are highly specified throughout Europe and are sold primarily
to professional window and door applicators and, to a lesser extent, to D-I-Y
retailers. Illbruck's product line includes joint sealing tapes, flashing
tapes, cartridge sealants and adhesives, strips, foils and accessories
marketed under leading brand names such as illbruck, Festix, Perennator and
"This acquisition significantly advances us toward our corporate goals of
$500 million in sales in Europe and an elevated global profile for our
businesses," said Frank C. Sullivan, RPM's president and chief executive
officer. "As part of our Tremco Group, Illbruck will bring combined sales for
all RPM businesses operating in Europe to approximately $440 million. When
integration is complete in fiscal 2007, we expect Illbruck to initially
contribute three to five cents per share."
Illbruck operates production facilities in Germany, the United Kingdom,
Belgium and the Netherlands and maintains sales offices in Germany, France,
the United Kingdom, Belgium, the Czech Republic, Poland and Russia.
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, automotive and
boat repair and maintenance, and by hobbyists. Consumer brands include
Zinsser, Rust-Oleum, DAP, Varathane, Bondo and Testors.
For more information, contact Glenn R. Hasman, vice president - finance
and communications, at 330-273-8820 or firstname.lastname@example.org.
This press release contains "forward-looking statements" relating to the
business of the company. These forward-looking statements, or other
statements made by the company, are made based on management's expectations
and beliefs concerning future events impacting the company and are subject to
uncertainties and factors (including those specified below) which are
difficult to predict and, in many instances, are beyond the control of the
company. As a result, actual results of the company could differ materially
from those expressed in or implied by any such forward-looking statements.
These uncertainties and factors include (a) the continued strength of RPM
businesses in Europe, (b) the price and supply of raw materials for the
company's European operations, (c) successful integration of the Illbruck
business into Tremco operations, (d) the effect of fluctuations in currency
exchanges rates upon the company's foreign operations, and other risks
detailed in the company's other reports and statements filed with the
Securities and Exchange Commission, including the risk factors set forth in
the company's prospectus and prospectus supplement included as part of the
company's Registration Statement on Form S-4 (File No. 333-114259), as the
same may be amended from time to time. RPM does not undertake any obligation
to publicly update or revise any forward-looking statement to reflect future
events, information or circumstances that arise after the date of this
SOURCE RPM International Inc.
Glenn Hasman, vice president - finance and communications of RPM International Inc.,
+1-330-273-8820, or email@example.com