Industrial chemical company RPM International Inc.'s Rust-Oleum Group has purchased Australian auto repair and industrial coatings business HiChem Paint Technologies Pty. in order to broaden its reach in Australia.
Financial terms were not disclosed.
RPM said Wednesday that the transaction is expected to add to its earnings within one year.
RPM said that HiChem's existing management team, which includes founder and former owner Ivan Moldovan, will remain with the company.
HiChem, which is based in Hallam, Australia, has annual sales of about $23 million. The company makes and markets a variety of vehicle repair, general industrial and home maintenance coatings and products for the general consumer and professionals sold under the Motospray and HiChem brands.
RPM's stock declined 44 cents, or 1.8 percent, to $26.04 in morning trading. Its shares traded at their highest levels on record dating to 1990, topping off at $26.69 on Monday. They traded at a 52-week low of $17.20 in early August.