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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.
“API enhances RPM’s presence in the decorative flooring market and will complement the strengths of our Stonhard and Flowcrete commercial polymer flooring businesses,” said Frank C. Sullivan, chairman and CEO of RPM. “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.”
For more information, visit www.api-spa.com or www.rpminc.com.