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September 26, 2013 02:00 AM

Latest RPM acquisition expands flooring product line

Mike Scott, RPN correspondent
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    MEDINA, Ohio—RPM International Inc. is no stranger to acquisitions. The latest, while one of its smaller ones recently, will help the $4 billion global company expand its rubber flooring product line.

    RPM International's Performance Coatings Group, headquartered in Medina, acquired Expanko Inc., a manufacturer of FritzTile brand terrazzo tile as well as cork, rubber and rubber/cork floor tiles. The announcement was made official Sept. 3; terms of the deal were not disclosed.

    Expanko, based in Exton, Penn., makes flooring products for schools, health care facilities, hotels, and sports and entertainment venues. It reported annual sales of $12 million in fiscal year 2012.

    RPM has made more than 100 acquisitions in its history, averaging one purchase every couple of months the past two years, based on information on its website and according to Barry M. Slifstein, vice president of investor relations and planning for the company.

    "All the acquisitions that we make from a strategic standpoint are a win-win," Slifstein said. "We don't come in and change the brand of a company we acquire; we don't get rid of management or make major changes. We are one of the few players in this industry where a sale could be finalized on a Friday, and when the employees of the company (that was acquired) come in on Monday, they can just continue their work like nothing happened."

    The Expanko brand of flooring products will maintain its existing name, Slifstein said, and will fall under the Stonhard product line for RPM. The Stonhard brand is known for its manufacturing and installation of high performance epoxy and urethane floor, wall and lining systems.

    RPM International is a holding company and owns subsidiaries well-known in specialty coatings, sealants, building materials and related services, 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, Flowcrete, Universal Sealants and Euco.

    Slifstein called Expanko an "entrepreneurial company that fits the mold of virtually all companies we look at" as a possible acquisition candidate. He said all 35 of the former Expanko employees have been offered positions under the Stonhard family, and it is expected almost all will remain.

    "All of our employees and managers are empowered to make day-to-day decisions," Slifstein said. "RPM does control the capital allocation, and we have centralized business insurance, cash management, financing and other departments that will certainly help the Expanko team to become even more efficient."

    Randy Gillespie, one of its two former owners, and his current management team will continue to manage Expanko, Slifstein said. The acquisition is expected to contribute to RPM's earnings within a year, he added.

    Executives with the Stonhard division believe Expanko will help expand its revenue in the flooring products sector even though it is one of the smaller recent acquisitions that RPM has made.

    "Many of our best-known brands are in the consumer market, but it happens that Expanko is an acquisition that will help grow our business in the industrial segment," Slifstein said. "We have the funds to invest in the companies we purchase quickly, which benefits in growth at a high level."

    The acquisition includes Expanko's manufacturing facilities in Mesquite, Texas.

    "Expanko is a great fit with other PCG flooring lines and should benefit from greatly enhanced marketing and distribution opportunities that will further its reach beyond its traditional U.S. East Coast strength," RPM Chairman and CEO Frank C. Sullivan said in a statement.

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