RPM Purchases Texas Manufacturing Plant to Meet Customer Demand and Enhance Operational Efficiencies
September 07 2021 - 4:30PM
Business Wire
RPM International Inc. (NYSE: RPM) today
announced it has procured a 178,000-square-foot chemical
manufacturing facility located on 120 acres in Corsicana, Texas. It
was purchased from ChampionX Corporation (NASDAQ: CHX) for an
undisclosed amount.
The facility will be repurposed to act as a manufacturing campus
for a number of RPM’s operating companies, providing multiple
opportunities for expansion to meet customer demand and strengthen
its supply chain. It will be owned and operated by RPM’s Tremco
Construction Products Group.
“The addition of the Corsicana plant allows us to expand
production of several of our high-growth product lines while also
streamlining our manufacturing processes and creating
efficiencies,” stated Frank C. Sullivan, RPM chairman and CEO.
In addition to acquiring the land, facility and equipment at the
Corsicana plant, Tremco Construction Products Group also intends to
hire the plant’s more than 80 existing employees, with plans to
potentially hire additional employees in the future.
“The Corsicana plant was appealing to us for a number of
reasons. By purchasing a fully operational facility, we can hit the
ground running almost immediately, avoiding much of the cost, time
and environmental impact associated with building a new plant,”
continued Sullivan. “However, the greatest asset we will acquire is
the plant’s existing employees and management operating team, who
bring with them decades of experience and a high level of
competency that will enable them to quickly and effectively convert
the plant to meet our manufacturing needs. We look forward to this
expansion into Corsicana and believe it will be beneficial both to
RPM and the local community.”
About RPM
RPM International Inc. owns subsidiaries that are world leaders
in specialty coatings, sealants, building materials and related
services. The company operates across four reportable segments:
consumer, construction products, performance coatings and specialty
products. RPM has a diverse portfolio with hundreds of
market-leading brands, including Rust-Oleum, DAP, Zinsser,
Varathane, Day-Glo, Legend Brands, Stonhard, Carboline, Tremco and
Dryvit. From homes and workplaces, to infrastructure and precious
landmarks, RPM’s brands are trusted by consumers and professionals
alike to help build a better world. The company employs 15,500
individuals worldwide. Visit www.RPMinc.com to learn more.
For more information, contact Russell L. Gordon, vice president
and chief financial officer, at 330-273-5090 or
rgordon@rpminc.com.
Forward-Looking Statements
This press release contains “forward-looking statements”
relating to our business. These forward-looking statements, or
other statements made by us, are made based on our expectations and
beliefs concerning future events impacting us and are subject to
uncertainties and factors (including those specified below), which
are difficult to predict and, in many instances, are beyond our
control. As a result, our actual results could differ materially
from those expressed in or implied by any such forward-looking
statements. These uncertainties and factors include (a) global
markets and general economic conditions, including uncertainties
surrounding the volatility in financial markets, the availability
of capital and the effect of changes in interest rates, and the
viability of banks and other financial institutions; (b) the
prices, supply and availability of raw materials, including
assorted pigments, resins, solvents, and other natural gas- and
oil-based materials; packaging, including plastic and metal
containers; and transportation services, including fuel surcharges;
(c) continued growth in demand for our products; (d) legal,
environmental and litigation risks inherent in our construction and
chemicals businesses and risks related to the adequacy of our
insurance coverage for such matters; (e) the effect of changes in
interest rates; (f) the effect of fluctuations in currency exchange
rates upon our foreign operations; (g) the effect of non-currency
risks of investing in and conducting operations in foreign
countries, including those relating to domestic and international
political, social, economic and regulatory factors; (h) risks and
uncertainties associated with our ongoing acquisition and
divestiture activities; (i) the timing of and the realization of
anticipated cost savings from restructuring initiatives and the
ability to identify additional cost savings opportunities; (j)
risks related to the adequacy of our contingent liability reserves;
(k) risks relating to the Covid pandemic; (l) risks related to
adverse weather conditions or the impacts of climate change and
natural disasters; and (m) other risks detailed in our filings with
the Securities and Exchange Commission, including the risk factors
set forth in our Annual Report on Form 10-K for the year ended May
31, 2021, as the same may be updated from time to time. We do not
undertake any obligation to publicly update or revise any
forward-looking statements to reflect future events, information or
circumstances that arise after the date of this release.
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version on businesswire.com: https://www.businesswire.com/news/home/20210907005548/en/
Russell L. Gordon vice president and chief financial officer
330-273-5090 rgordon@rpminc.com
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