RPM International Inc. reports developments tied to its specialty coatings, sealants, building materials and related services businesses. The company operates through consumer, construction products and performance coatings segments, with brands including Rust-Oleum, DAP, Zinsser, Varathane, The Pink Stuff, Stonhard, Carboline, Tremco, Euclid Chemical, Dryvit and Nudura.
Recurring RPM news covers fiscal-quarter and year-end results, segment sales and earnings, MAP operational improvement initiatives, facility and distribution transitions, acquired-business integration, product rationalization, dividends, and governance or leadership changes. Updates also describe demand trends across consumer, construction and industrial end markets and the company’s capital-return practices.
RPM International Inc. (NYSE: RPM) will announce its fiscal 2022 first-quarter results for the period ending August 31, 2021, on October 6, 2021, before the market opens. A conference call to discuss the results will occur at 10:00 a.m. EDT the same day, accessible via webcast. A replay will be available from 1:00 p.m. EDT on October 6 until 11:59 p.m. EDT on October 13, 2021. RPM operates in specialty coatings and related services, employing approximately 15,500 worldwide.
RPM International Inc. (NYSE: RPM) will hold its 2021 annual meeting of shareholders virtually on October 7, 2021, at 2:00 p.m. EDT. This decision aims to safeguard the health of investors and employees amid the ongoing Covid-19 pandemic. Shareholders as of August 13, 2021 can participate online, vote, and submit questions during the meeting. Stockholders are encouraged to submit proxies in advance to ensure their votes are counted. The meeting will be available for replay until October 6, 2022.
RPM International Inc. announced that board member Frederick R. Nance has been named to Savoy Magazine's 2021 Most Influential Black Corporate Directors list. Nance has been with RPM since 2007 and chairs its governance committee. Under his leadership, RPM's sales grew by 83% to $6.1 billion, and net income rose 141% to $502.6 million. Nance is the global managing partner at Squire Patton Boggs and has extensive legal and management experience, serving on various boards including the Greater Cleveland Partnership.
RPM International Inc. has acquired a 178,000-square-foot chemical manufacturing facility in Corsicana, Texas, from ChampionX Corporation. This facility will be utilized by RPM's Tremco Construction Products Group to expand production capacity for high-growth product lines and enhance operational efficiencies. The acquisition includes plans to retain over 80 existing employees and potentially hire more in the future. CEO Frank C. Sullivan emphasized the strategic benefits of the purchase, which allows RPM to avoid the costs and environmental impacts associated with constructing a new plant.
RPM International Inc. (NYSE: RPM) announced the promotion of Bill Spaulding to president of the RPM Consumer Group, effective September 1, succeeding retiring Terry Horan. Spaulding has a 22-year history at Rust-Oleum, recently serving as president of North America. Jeff Ackerberg will take over as president of Rust-Oleum, while Mark Heird will lead DAP Products. The leadership changes aim to enhance growth and profitability within the Consumer Group, reflecting the company's commitment to internal talent development. RPM operates in specialty coatings and building materials.
RPM International Inc. announced the acquisition of Pure Air Control Services, a Florida-based provider of indoor air quality solutions, with annual net sales of approximately $10 million. The acquisition aims to enhance RPM's Tremco Construction Products Group by integrating Pure Air's expertise in environmental consulting, building diagnostics, and HVAC system cleaning. The move is expected to strengthen market penetration through synergies and the company's robust operational infrastructure.
RPM International announced that Michael J. Laroche will take over as vice president, controller, and chief accounting officer effective November 1, succeeding Keith Smiley, who is retiring. Laroche has been with RPM since 2016, serving in various financial roles, including CFO of the Specialty Products Group. During his tenure, he enhanced reporting and analysis capabilities, particularly during the challenges posed by the Covid pandemic. Smiley has been with RPM for nearly 30 years, contributing to significant revenue growth from $550 million to $6.1 billion.
RPM International has appointed Mark T. Rankin as vice president of global systems, effective July 22. Rankin, who has been with the company for over 18 years, will oversee system implementations, data analytics, and global software strategies while continuing his role in digital transformation. He previously served as senior director of global systems and vice president of information technology at RPM’s Specialty Products Group. Chairman Frank C. Sullivan emphasized Rankin's leadership as crucial for the company's growth and stakeholder value.
RPM International reported robust fiscal 2021 results, with net sales at $6.1 billion, up 10.9%. Net income surged 65% to $502.6 million, while cash flow climbed 40% to a record $766.2 million. Fourth-quarter net sales reached $1.74 billion, marking a 19.6% increase, and diluted EPS rose 42.9% to $1.20. The company concluded its MAP to Growth initiative, yielding $320 million in annualized cost savings. Despite facing inflationary pressures and supply chain constraints, RPM anticipates continued growth across most segments, particularly Construction Products and Performance Coatings.
RPM International has declared a quarterly cash dividend of $0.38 per share, payable on July 30, 2021, to stockholders of record as of July 15, 2021. This marks the 47th consecutive year of dividend increases, with the last increase being 5.6% in October 2020. RPM has returned approximately $2.6 billion in cash dividends to stockholders during this period. Currently, RPM's dividend yield at a share price of $90 stands at 1.69%.