"We expect this acquisition [of SPS Group] to accelerate Rust-Oleum's growth in the Netherlands and other nearby European countries," RPM Chairman and Chief Executive Frank Sullivan said.
CLEVELAND, Ohio -- RPM International Inc. has agreed to acquire SPS Group, a Dutch decorative and specialty coatings company with annual net sales of about $60 million, for an undisclosed sum.
SPS Group, located about an hour south of Amsterdam in 's-Hertogenbosch, the Netherlands, sells topcoats for interior and exterior walls, primers, lacquers, floor and roof coatings, metal coatings, wood stains and finishes, plasters and other products to large home center retailers and builder merchants based in the Netherlands. RPM said its products are used mainly by painters, plasterers, industry, and do-it-yourselfers.
RPM Chairman and CEO Frank Sullivan "By leveraging the manufacturing and distribution strengths of SPS, we expect this acquisition to accelerate Rust-Oleum's growth in the Netherlands and other nearby European countries," RPM Chairman and Chief Executive Frank Sullivan said in a statement. "It will also allow the existing customer base of SPS to benefit from Rust-Oleum technologies and innovations."
RPM International, the Medina County-based company that owns some of the world's leading specialty coatings, sealants and building materials, from Stonhard and Tremco to Rust-Oleum, Day-Glo and DAP, said SPS Group will operate as part of its Rust-Oleum European business.
The acquisition is expected to contribute to RPM's earnings within one year, excluding one-time costs.
RPM International announced the agreement after the markets closed on Wednesday. Its shares opened at $54.12 on Thursday before dropping below $54 a share in the afternoon.