RPM Acquires Full Interest in Chinese Joint Venture
Carboline Co. recently acquired the remaining interest in Carboline Dalian Paint Production Co.
RPM International Inc. recently announced that its Carboline Co. subsidiary acquired the remaining 51% interest in its Chinese joint venture, Carboline Dalian Paint Production Co. Ltd., bringing its total ownership to 100%. The transaction reportedly is expected to be accretive to earnings within one year.
Carboline Dalian, with sales of approximately $11 million, manufactures corrosion control coatings and linings for oil and gas-, power-, and petrochemical-related projects. Headquartered in Dalian, China, the company also has operations in Shanghai, Tianjin, Guangzhou and Hong Kong.
“China presents vast growth opportunities, but is also a very dynamic market,” said Frank C. Sullivan, chairman and CEO. “Because of these conditions, we chose to enter China in 2009 with a local joint venture partner. Now, with full ownership of the business, we can accelerate the growth of Carboline in the region and enable it to serve as a platform for our other subsidiaries to increase their penetration throughout the Chinese marketplace.”
For more information, visit www.rpminc.com.