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MEDINA, Ohio — RPM Inc. has entered into a definitive purchase agreement with Wassall PLC to acquire DAP Products Inc. and DAP Canada Corp. for $290 million in cash.
DAP, Baltimore, with annual sales of approximately $250 million, manufactures and markets caulks, sealants, spackling and glazing compounds, contact cements, and other specialty adhesives. The company headquarters will remain in Baltimore under the management team led by John McLaughlin.
Thomas C. Sullivan, chairman and chief executive officer of RPM, stated, "DAP is an outstanding complement to RPM’s portfolio of leading consumer brand names, which include Rust-Oleum, Zinsser, Flecto, Varathane, Bondo and Bondex that serve the professional contractor and retail do-it-yourself markets. RPM expects to continue to develop the exciting synergies available between these businesses."