MEDINA, Ohio—RPM International Inc., a Medina-based maker of specialty coating and sealants, announced it has acquired Specialty Polymer Coatings Inc., a Canadian manufacturer of coatings for the global oil and gas pipeline market.
Terms of the purchase were not disclosed. RPM said in a news release that it expects the deal to be accretive to earnings within one year.
Specialty Polymer has annual sales of about $26 million. It will operate as a free-standing business within the RPM Performance Coatings Group and report through the Carboline Co., RPM said in the release.
The Specialty Polymer product line is comprised predominantly of epoxy and urethane coatings that contain no volatile organic compounds. The company is headquartered near Vancouver, in Langley, British Columbia. It also has a manufacturing facility in Brantford, Ontario, and an office and warehouse in Angleton, Texas.
"We already have a strong position in the U.S. oil and gas energy market through our Carboline business. The acquisition of SPC complements that position by providing a proven, tenured technology with strong brand recognition for the pipeline industry,” Frank C. Sullivan, RPM's chairman and CEO, said in a statement.
Sullivan said several members of the current Specialty Polymer senior leadership and company founder Bob Alliston will continue to manage the business as part of RPM.