RPM buys Spanish fire protection company
RPM International Inc., which makes Rust-Oleum as well as industrial coatings, sealants and building materials, said Wednesday that it bought the Grupo P&V group of companies, a European supplier of fire protection and insulation products.
Financial terms were not disclosed.
Spain-based Grupo, which posts annual sales of about $23 million, makes, markets and installs expanded perlite and vermiculite for fire protection, soundproofing, and cryogenic and heat insulation uses, RPM said.
RPM, of Medina, Ohio, said it expects the addition of Grupo to expand its fireproofing and insulation capabilities and boost RPM's profits within a year.
Grupo will continue to be led by its existing management team and owners, RPM said.
Also on Wednesday, RPM said its fiscal first-quarter profit rose 11 percent, meeting Wall Street expectations.
In morning trading, RPM shares jumped 93 cents, or 5 percent, to $19.69.