RPM, INC. COMPLETES ACQUISITION OF OKURA HOLDINGS, INC.
MEDINA, Ohio, June 13 /PRNewswire/ -- RPM, Inc. (Nasdaq: RPOW)
announced today that its acquisition of Okura Holdings, Inc. has been
completed.
With sales of approximately $35 million, Okura is the leading
global manufacturer and marketer of molded and pultruded fiberglass
reinforced plastic ("FRP") grating products. Okura's products are
used for pedestrian walkways, platforms, staircases and similar types
of industrial structures. The Company has posted a strong growth
record, and sells its products under the leading brand names
Fibergrate(R) and Chemgrate(R).
Okura's products are manufactured domestically at three
facilities located in Stephenville, Texas; Piney Flats, Tennessee;
and Woodinville, Washington. Overseas manufacturing operations are
located in Shanghai, China and Terneuzen, Holland, with Okura's
executive headquarters located in Dallas, Texas. By utilizing
Okura's 50 percent owned joint venture in Terneuzen, Holland, and its
wholly owned Shanghai, China operation, Okura has positioned itself
as a leading international supplier of FRP grating in these markets.
Okura offers RPM an attractive opportunity to capitalize on
market, product and customer synergies. Okura's products involve
much of the same resin technology and raw materials that exist
throughout RPM's industrial and consumer divisions. In addition,
Okura's markets and customers are similar to those of RPM's Stonhard,
Carboline and Wisconsin Protective Coatings operating companies and
are sold through similar specifications efforts.
Okura will continue to operate under the leadership and direction of
Stanley D. Burson, its president, and the Company's experienced
management team.
RPM, Inc. is a manufacturer of industrial coatings and sealants
for waterproofing, general maintenance, corrosion control and other
specialty chemical applications. RPM, Inc. also manufactures
consumer do-it-yourself products for the home maintenance, automotive
repair, consumer hobby, leisure and marine markets. The fiscal year
ended May 31, 1995, was RPM's 48th consecutive record year of sales,
earnings, and earnings per share, with net sales of $1.0 billion,
restated earnings of $62.6 million and restated earnings per share of
$.85. RPM shares are traded on the Nasdaq Stock Market.
CONTACT: Thomas C. Sullivan or James A. Karman of RPM, 216-273-5090 |
