RPM International acquires Canadian coating manufacturer SPC
Coatings and sealants producer RPM International has acquired Specialty Polymer Coatings (SPC), a Canadian manufacturer of high-performance coatings for the global oil and gas pipeline market
SPC, with annual net sales of approximately $26 million (€23m), will operate as a free-standing business within the RPM Performance Coatings Group and report through the Carboline Co.
Terms of the transaction, which is expected to be accretive to earnings within one year, were not disclosed.
"We already have a strong position in the U.S. oil and gas energy market through our Carboline business. The acquisition of SPC complements that position by providing a proven, tenured technology with strong brand recognition for the pipeline industry,” Frank C. Sullivan, chairman and CEO at RPM, said
The SPC product line is comprised predominantly of 100% solids epoxy and urethane coatings that contain no volatile organic compounds.
They are specified and sold for the maintenance and construction of steel pipes, railway cars, tank linings, steel structures, and marine applications.
Headquartered near Vancouver, in Langley, British Columbia, SPC also has a manufacturing facility in Brantford, Ontario, and an office and warehouse in Angleton, Texas.