RPM Purchases Texas Manufacturing Plant to Meet Customer Demand and Enhance Operational Efficiencies
MEDINA, Ohio--(BUSINESS WIRE)--Sep 7, 2021--
RPM International Inc. (NYSE: RPM) today announced it has procured a 178,000-square-foot chemical manufacturing facility located on 120 acres in Corsicana, Texas. It was purchased from ChampionX Corporation (NASDAQ: CHX) for an undisclosed amount.
The facility will be repurposed to act as a manufacturing campus for a number of RPM’s operating companies, providing multiple opportunities for expansion to meet customer demand and strengthen its supply chain. It will be owned and operated by RPM’s Tremco Construction Products Group.
“The addition of the Corsicana plant allows us to expand production of several of our high-growth product lines while also streamlining our manufacturing processes and creating efficiencies,” stated Frank C. Sullivan, RPM chairman and CEO.
In addition to acquiring the land, facility and equipment at the Corsicana plant, Tremco Construction Products Group also intends to hire the plant’s more than 80 existing employees, with plans to potentially hire additional employees in the future.
“The Corsicana plant was appealing to us for a number of reasons. By purchasing a fully operational facility, we can hit the ground running almost immediately, avoiding much of the cost, time and environmental impact associated with building a new plant,” continued Sullivan. “However, the greatest asset we will acquire is the plant’s existing employees and management operating team, who bring with them decades of experience and a high level of competency that will enable them to quickly and effectively convert the plant to meet our manufacturing needs. We look forward to this expansion into Corsicana and believe it will be beneficial both to RPM and the local community.”
RPM International Inc. owns subsidiaries that are world leaders in specialty coatings, sealants, building materials and related services. The company operates across four reportable segments: consumer, construction products, performance coatings and specialty products. RPM has a diverse portfolio with hundreds of market-leading brands, including Rust-Oleum, DAP, Zinsser, Varathane, Day-Glo, Legend Brands, Stonhard, Carboline, Tremco and Dryvit. From homes and workplaces, to infrastructure and precious landmarks, RPM’s brands are trusted by consumers and professionals alike to help build a better world. The company employs 15,500 individuals worldwide. Visit www.RPMinc.com to learn more.
For more information, contact Russell L. Gordon, vice president and chief financial officer, at 330-273-5090 or email@example.com.
This press release contains “forward-looking statements” relating to our business. These forward-looking statements, or other statements made by us, are made based on our expectations and beliefs concerning future events impacting us and are subject to uncertainties and factors (including those specified below), which are difficult to predict and, in many instances, are beyond our control. As a result, our actual results could differ materially from those expressed in or implied by any such forward-looking statements. These uncertainties and factors include (a) global markets and general economic conditions, including uncertainties surrounding the volatility in financial markets, the availability of capital and the effect of changes in interest rates, and the viability of banks and other financial institutions; (b) the prices, supply and availability of raw materials, including assorted pigments, resins, solvents, and other natural gas- and oil-based materials; packaging, including plastic and metal containers; and transportation services, including fuel surcharges; (c) continued growth in demand for our products; (d) legal, environmental and litigation risks inherent in our construction and chemicals businesses and risks related to the adequacy of our insurance coverage for such matters; (e) the effect of changes in interest rates; (f) the effect of fluctuations in currency exchange rates upon our foreign operations; (g) the effect of non-currency risks of investing in and conducting operations in foreign countries, including those relating to domestic and international political, social, economic and regulatory factors; (h) risks and uncertainties associated with our ongoing acquisition and divestiture activities; (i) the timing of and the realization of anticipated cost savings from restructuring initiatives and the ability to identify additional cost savings opportunities; (j) risks related to the adequacy of our contingent liability reserves; (k) risks relating to the Covid pandemic; (l) risks related to adverse weather conditions or the impacts of climate change and natural disasters; and (m) other risks detailed in our filings with the Securities and Exchange Commission, including the risk factors set forth in our Annual Report on Form 10-K for the year ended May 31, 2021, as the same may be updated from time to time. We do not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release.
View source version on businesswire.com:https://www.businesswire.com/news/home/20210907005548/en/
CONTACT: Russell L. Gordon
vice president and chief financial officer
KEYWORD: UNITED STATES NORTH AMERICA TEXAS OHIO
INDUSTRY KEYWORD: OTHER MANUFACTURING COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY CHEMICALS/PLASTICS HOME GOODS MANUFACTURING BUILDING SYSTEMS RETAIL RESIDENTIAL BUILDING & REAL ESTATE
SOURCE: RPM International Inc.
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PUB: 09/07/2021 04:30 PM/DISC: 09/07/2021 04:31 PM