RPM's Carboline Subsidiary Acquires Majority Interest in Indian Joint Venture (10/9/09)
RPM International Inc., Medina, OH, recently announced that its Carboline subsidiary has acquired a majority interest in its Indian joint venture, CDC Carboline India Pvt. Ltd. Terms of the transaction, which is expected to be accretive to earnings within one year, were not disclosed.
Based in Chennai, India, CDC Carboline India manufactures corrosion protection and fireproofing products predominately for the petrochemical, power, fabrication, and commercial and industrial fireproofing markets. The company has annual sales of approximately $8 million.
As a result of this transaction, Carboline, which is part of RPM's Performance Coatings Group, will own an 80% majority position in CDC Carboline India.
For more information, visit www.rpminc.com.