RPM acquires Australian company, enters Asian market

RPM International, a specialty coatings and building materials and services holding company, says its Stonhard subsidiary, part of RPM's Performance Coatings Group, has acquired Ascoat Contracting and Ascoat, a supplier and installer of polymer flooring systems.

Terms of the transaction, which is expected to be accretive to earnings within one year, were not disclosed.

Based in Melbourne, Australia, and with annual sales of approximately $5 million, Ascoat has been Stonhard's exclusive Australian distributor since 1996.

Founded in 1988, Ascoat will continue to be led by its existing owners, John Black and Terry Callaghan.

Ascoat serves primarily industrial markets, with a focus on food processing, pharmaceutical and general manufacturing.

The company’s capabilities include turnkey contracting, floor care services, consultation, specification, installation and warranties.

"We see this acquisition as a near-term opportunity to broaden the base of our Stonhard business throughout Australia given Ascoat's strong base in Victoria," says Frank C. Sullivan, RPM chairman and CEO.

"This will also give our Performance Coatings Group a strategic platform for further penetration of the Asia-Pacific region."