Acquiring Duram Industries, which manufactures a range of liquid-applied waterproofing products, is expected to contribute to Medina County-based RPM International's earnings within the year. It will also give Tremco, which predominantly operates in North America, a solid foothold in Australia.
CLEVELAND, Ohio -- RPM International Inc.'s Beachwood-based Tremco Group has acquired the assets of Duram Industries Pty Limited, an Australian manufacturer of commercial waterproofing products with about $6 million in annual net sales.
The transaction, announced after the markets closed Tuesday, is expected to contribute to Medina County-based RPM's earnings within a year. It will also give Tremco, which predominantly operates in the U.S. and Canada, a solid foothold in Australia. Terms of the deal were not disclosed.
Duram manufactures a range of liquid-applied waterproofing products that provide above-grade waterproofing needs for brick, EIFS (exterior insulation and finish systems), stucco, and noise-suppression walls.
Duram's products also work for horizontal and below-grade applications, such as pedestrian, vehicular traffic, balcony, and thin-set, as well as for foundation waterproofing and split-slab uses. "Due to a brand reputation for consistent, quality materials and exceptional service, the company has developed a loyal following of customers," RPM said in a written announcement.
RPM Chairman and CEO Frank Sullivan "Tremco intends to leverage its acquisition of Duram to broaden the geographic footprint of its commercial sealants and roofing systems in the Australian market," said RPM Chairman and Chief Executive Frank C. Sullivan, in a statement.
"Duram's in-market manufacturing will provide expanded sourcing opportunities and higher customer service levels. At the same time, Tremco will leverage the combined resources to expand the reach of Duram's products throughout the country."
RPM's subsidiaries are among the world's leading specialty coatings, sealants, building materials, and related services. Its best-known consumer brands include Rust-Oleum, DAP, Zinsser, Varathane and Testors.
RPM's shares closed at $49.52 on Tuesday, down 79 cents from Friday's close of $50.31.