CLEVELAND, Ohio — RPM International Inc. on Monday announced that it acquired Specialty Polymer Coatings Inc., a Canadian manufacturer of high-performance coatings for oil and gas pipelines, for an undisclosed sum.
SPC, based in Langley, British Columbia, near Vancouver, has annual net sales of about $26 million. It will be part of RPM’s Performance Coatings Group but will operate as its own business.
The acquisition includes a manufacturing facility in Brantford, Ontario, and an office and warehouse in Angleton, Texas.
SPC’s products are predominantly 100-percent solids epoxy and urethane coatings specialized for the maintenance and construction of steel pipes, railway cars, tank linings, steel structures, and marine applications. The coatings contain no volatile organic compounds.
“We already have a strong position in the U.S. oil and gas energy market through our Carboline business,” said RPM Chairman and Chief Executive Frank Sullivan, in a written statement. “The acquisition of SPC complements that position by providing a proven, tenured technology with strong brand recognition for the pipeline industry. We intend to accelerate SPC’s growth by leveraging Carboline’s large global sales force.”
“In keeping with our reputation as the best home for entrepreneurial businesses in our industry, several members of the current senior leadership under the founder, Bob Alliston, will continue to manage the business as part of RPM.”
The transaction is expected to contribute to RPM’s earnings within a year.
RPM’s shares closed at $51.96 on Monday, up 21 cents over Friday’s close on the New York Stock Exchange.