MEDINA, Ohio, Aug. 31 /PRNewswire-FirstCall/ -- RPM International Inc. announced today that its wholly owned subsidiary, Tremco Incorporated, has completed the acquisition of privately owned Illbruck Sealant Systems, located in Leverkusen, Germany, for approximately $137 million, including net debt assumption of approximately $10 million, subject to certain post-closing adjustments. The acquisition agreement was announced July 25, 2005 and the customary European approvals have since been obtained.
Illbruck, with sales of approximately $190 million, is a leading manufacturer of innovative, high-performance sealants and installation systems for pre-fabricated construction elements and for window and door applications. Illbruck systems are highly specified throughout Europe and are sold primarily to professional window and door applicators and, to a lesser extent, to D-I-Y retailers. Illbruck's product line includes joint sealing tapes, flashing tapes, cartridge sealants and adhesives, strips, foils and accessories marketed under leading brand names such as illbruck, Festix, Perennator and Coco.
"This acquisition significantly advances us toward our corporate goals of $500 million in sales in Europe and an elevated global profile for our businesses," said Frank C. Sullivan, RPM's president and chief executive officer. "As part of our Tremco Group, Illbruck will bring combined sales for all RPM businesses operating in Europe to approximately $440 million. When integration is complete in fiscal 2007, we expect Illbruck to initially contribute three to five cents per share."
Illbruck operates production facilities in Germany, the United Kingdom, Belgium and the Netherlands and maintains sales offices in Germany, France, the United Kingdom, Belgium, the Czech Republic, Poland and Russia.
RPM International Inc., a holding company, owns subsidiaries that are world leaders in specialty coatings and sealants 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, Day-Glo, Euco and Dryvit. RPM's consumer products are used by professionals and do-it-yourselfers for home maintenance and improvement, automotive and boat repair and maintenance, and by hobbyists. Consumer brands include Zinsser, Rust-Oleum, DAP, Varathane, Bondo and Testors.
For more information, contact Glenn R. Hasman, vice president - finance and communications, at 330-273-8820 or
This press release contains "forward-looking statements" relating to the business of the company. These forward-looking statements, or other statements made by the company, are made based on management's expectations and beliefs concerning future events impacting the company and are subject to uncertainties and factors (including those specified below) which are difficult to predict and, in many instances, are beyond the control of the company. As a result, actual results of the company could differ materially from those expressed in or implied by any such forward-looking statements. These uncertainties and factors include (a) the continued strength of RPM businesses in Europe, (b) the price and supply of raw materials for the company's European operations, (c) successful integration of the Illbruck business into Tremco operations, (d) the effect of fluctuations in currency exchanges rates upon the company's foreign operations, and other risks detailed in the company's other reports and statements filed with the Securities and Exchange Commission, including the risk factors set forth in the company's prospectus and prospectus supplement included as part of the company's Registration Statement on Form S-4 (File No. 333-114259), as the same may be amended from time to time. RPM does not undertake any obligation to publicly update or revise any forward-looking statement to reflect future events, information or circumstances that arise after the date of this release.
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