RPM, INC. TO ACQUIRE STONHARD, INC.
MEDINA, Ohio, Sept. 23 /PRNewswire/ -- RPM, Inc. (NASDAQ: RPOW) and Stonhard, Inc. today announced jointly that they have reached an agreement in principle whereby Stonhard will become a wholly owned subsidiary of RPM through a stock-for-stock exchange, pending the completion of a definitive purchase agreement and required government filings. Founded in 1922, with sales of approximately $100 million, Stonhard is the worldwide leader of industrial and commercial polymer flooring and related products. Stonhard has manufacturing facilities in Maple Shade, N.J., and Fort Wayne, Ind., as well as sales/distribution offices in Canada, Mexico, the Philippines, the United Kingdom, Belgium, Germany and France. In addition, independent distributors market the company's products in more than 45 countries worldwide. The acquisition of Stonhard is ideally suited to RPM's philosophy of growth through industry-leading specialty chemical manufacturers. This will mark RPM's first major entry into the industrial flooring market, which is highly synergistic with many of RPM's existing specialty coatings product lines focused on the high-end of the commercial and industrial maintenance markets worldwide. Stonhard will continue to operate under the leadership and direction of Jeffrey M. Stork and his experienced management team from their Maple Shade, N.J., headquarters. The transaction is expected to close in October 1993. RPM, Inc. is a manufacturer of industrial coatings and sealants for waterproofing and general maintenance, corrosion control and other specialty chemical applications. RPM also manufactures consumer do-it- yourself products for home maintenance, automotive repair, consumer hobby, leisure and marine markets. The fiscal year ended May 31, 1993, was RPM's 46th consecutive record year of sales, earnings and earnings per share, with sales of $625,680,000, earnings of $39,376,000 and earnings per share of $.83. RPM shares are traded on the NASDAQ National Market System. -0- 9/23/93 /CONTACT: Thomas C. Sullivan or James A. Karman of RPM, 216-273-5090/ (RPOW)
CO: RPM Inc.; Stonhard, Inc. ST: Ohio, New Jersey IN: CHM CST SU: TNM
AR -- CL003 -- 5073 09/23/93 09:25 EDT
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|Date:||Sep 23, 1993|
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