RPM International Inc. recently announced it has agreed to increase its minority ownership interest in Kemrock Industries and Exports Ltd., a fiberglass-reinforced plastic composites manufacturer with more than $200 million in annual sales located in Vadodara, Gujarat State, India. As a result of this agreement to increase its ownership interest above 15%, RPM is required under Indian law to commence a public offer for up to an additional 20% of the outstanding shares of Kemrock. RPM’s increased ownership of Kemrock signals its continued support and confidence in the company and its management, led by Kemrock’s founder and managing director, Kalpesh Patel, and further solidifies RPM’s position as a long-term investor in Kemrock.
“We’ve had a long-standing partnership with RPM and we welcome this additional investment as a means to further our business relationship,” Patel said.
Traded on the Bombay Stock Exchange Ltd. and the National Stock Exchange of India Ltd., Kemrock is India’s largest composite exporter, with its products sold in more than 50 countries worldwide.
For more information, visitwww.rpminc.comorwww.kemrock.com.
RPM Increases Ownership in Indian Composites Manufacturer
May 20, 2011