MEDINA, Ohio (June 12)—RPM Inc. has completed its restructuring and consolidation program announced in August 1999, the company said. Under the program, about 800 employees, or 10 percent of RPM's worldwide work force, have been streamlined, including the company's Vice President and Chief Financial Officer Michael E. Steele. Steele's duties will be taken on by Vice Chairman James A. Karman. While operating results in the past two years have been "disappointing," prompting the cutbacks, said Chairman and CEO Thomas C. Sullivan, the recent streamlining is expected to have fostered improved earnings and margins for the fourth quarter 2001, ended May 31, and drive growth through fiscal 2002. Details of the fourth quarter and fiscal 2001 results and an outlook for the coming year will be announced at RPM's year-end analyst meeting and conference call, scheduled for July 30, the company said.
RPM restructuring, consolidation complete
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