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.