RPM International Inc. announced today that its Performance Coatings Group has acquired API S.p.A., a $28 million producer and installer of polyurethane and urethane-based flooring and decking solutions for cruise ships, mega-yachts and naval applications. Based in Genoa, Italy, API also produces epoxy and polyurethane flooring systems for the Italian building market.
API will continue to be led by Giorgio Magnaghi, managing director and grandson of company founder Mario Magnaghi, along with his management team, which includes Vittorio and Beniamino Magnaghi, also grandsons of the founder. The acquisition is expected to be accretive to earnings within one year, and terms were not disclosed.
“API enhances RPM’s presence in the decorative flooring market and will complement the strengths of our Stonhard and Flowcrete commercial polymer flooring businesses,” stated Frank C. Sullivan, RPM chairman and chief executive officer. “We’re fortunate to have Giorgio Magnaghi and his team continue to run this business as part of RPM, and their joining with us is yet another example of RPM’s appeal as an ideal home for entrepreneurs in our industry.”
RPM International Inc., a holding company, owns subsidiaries that are world leaders in specialty coatings, sealants, building materials and related services 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, Euco, Flowcrete and Universal Sealants. RPM’s consumer products are used by professionals and do-it-yourselfers for home maintenance and improvement and by hobbyists. Consumer brands include Zinsser, Rust-Oleum, DAP, Varathane and Testors.
Source: rpminc, August 3, 2011; Image:api