Medina, OH, Mar. 31--RPM International Inc., a leading specialty coatings manufacturer, announced today that its European development office, RPM Europe SA, has acquired Ecoloc N.V./Lock-Tile Belgium N.V. and Compakta/Pactan, a division of Heidelberger Bauchemie GmbH. The acquired businesses will have combined sales of approximately EUR 20 million.
Terms of the cash transactions were not disclosed.
"These transactions represent our expanded emphasis on completing acquisitions in Europe, an important part of our growth strategy," said Frank C. Sullivan, RPM's president and chief executive officer. "These stand-alone niche businesses will fit nicely into the business we are growing in Europe, and we are pleased that both will retain their experienced management teams. These companies will provide leading share in niche markets, positive cash flow, and will both be accretive to earnings immediately. We welcome these businesses and their employees into the RPM family."
Ecoloc, a Belgian-based commercial and industrial tile flooring manufacturer and marketer, pioneered the first flooring system based on the principle of interlocking PVC tiles. Its products are sold under the names Lock-Tile and Lock-Mat. Patrick Stoop, the founder, and his management team will continue to operate Ecoloc under RPM's ownership.
Compakta/Pactan, based in Traunreut, Germany, is a manufacturer and marketer of specialty silicone-based adhesives, joint filler and sealers. Its silicone foam and adhesive products are sold to the construction and building industry under the Compakta brand and to the automotive supplier, general and appliance OEM industries under the Pactan brand. Compakta/Pactan's patented technology offers customers superior heat-resistant and adhesion characteristics that are unique in the marketplace. The existing experienced management team of Erich Maier, Walter Mayerhofer, Friedrich Hamberger and Dr. Michael Futscher will manage Compakta/Pactan as part of RPM's newly formed Compact Technology GmbH.
RPM's development office in Europe, RPM Europe SA, based in Waterloo, Belgium, will capture synergies in product sales, purchasing and administrative functions among RPM's growing base of business in Europe. The Ecoloc and Compact Technology managements will report directly to Ulf S. Eriksson, president of RPM Europe SA.
