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American industrial company From Wikipedia, the free encyclopedia
RPM International Inc. is an American multinational company with subsidiaries that manufacture and market specialty coatings, sealants and building materials. Industrial brands include Tremco, Carboline, Universal Sealants, Stonhard, RPM/Belgium, Euco, Day-Glo and Dryvit. RPM's consumer products are used by professionals and do-it-yourselfers for home maintenance and improvement and by hobbyists. Consumer brands include Zinsser, Rust-Oleum, DAP, Varathane, Mean Green, Krud Kutter, Concrobium, Moldex and Testors.[3][1]
| |
| Company type | Public |
|---|---|
| NYSE: RPM S&P 400 Component | |
| Industry | Paint Coatings Industrial coatings Building Materials Sealants Adhesives |
| Founded | 1947 as Republic Powdered Metals Inc. |
| Headquarters | Medina, Ohio, United States |
Key people | Frank C. Sullivan (Chairman and CEO) Russell L. Gordon (CFO) |
| Revenue |  $7.3 billion USD (2023) |
| $755 million USD (2023) | |
| $478.7 million USD (2023) | |
| Total assets | $6.7 million USD (2023) |
| Total equity | $2.1 million USD (2023) |
Number of employees | 17,300 (2023) |
| Website | www |
| Footnotes / references [1][2] | |
The company is headquartered in Medina, Ohio, and has approximately 17,300 employees and operates 121 manufacturing facilities around the world.[3] Its products are sold in 170 countries and territories.[3] It is the fifth largest paint and coating company in the world.[4]
RPM is publicly traded on the New York Stock Exchange under the symbol RPM. Its shares are owned by 824 institutions and 194,030 individual investors.[1] It ranks among the top 200 in total shares held by BetterInvesting investment clubs.[5] RPM has increased its cash dividend paid to stockholders for 48 consecutive years.[6] Only 41 other companies, besides RPM, have consecutively paid an increasing annual dividend for this period of time or longer, according to the fall 2020 edition of the Mergent Handbook of Dividend Achievers.[7]
Over the ten-year period from May 31, 2011, to 2021, RPM has outperformed the S&P 500 by 33 percent in total return generated for its shareholders, which includes both capital appreciation and reinvestment of dividends.[1]
RPM operates through four segments:[8]
In May 1947, Frank C. Sullivan founded Republic Powdered Metals, the forerunner to RPM International Inc. The company manufactured and sold a heavy-duty aluminum roof coating called Alumanation, which is still sold today. Sales in the first year reached $90,000.[10]
In August 1971, Frank Sullivan died suddenly. Later that same year, RPM, Inc. was formed to become a holding company to develop a more aggressive acquisition program in a rapidly consolidating paint and coatings industry. Frank's son, Thomas C. Sullivan, who was previously president of Republic Powdered Metals, became chairman and chief executive officer of the holding company. He and James A. Karman, who was elected president and chief operating officer in 1978, led RPM for more than three decades.[10]
After more than 30 years at the company's helm, Sullivan and Karman retired as executive officers of the company in 2002. During their tenure, net sales increased to $2 billion from $11 million, net income increased to $101.6 million from $0.6 million, cash dividends per share increased to $0.50 from $0.0035 (split-adjusted), and a $1,000 investment in RPM shares in 1971 would have been worth more than $100,000.[11] Tom Sullivan died in 2020 at the age of 83.[12]
Tom was succeeded by his son, Frank C. Sullivan, who became president and chief executive officer in 2002.
In August 2013, RPM paid $61 million to settle U.S. General Services Administration claims regarding a subsidiary's overcharging the U.S. government on roofing contracts.[13]
In June 2014, the SEC launched an investigation into the timing of RPM's disclosure and accrual of loss reserves involving the GSA settlement. The company subsequently restated its results for the first, second and third quarters of fiscal 2013. The restatements had no impact on its audited results for the fiscal year ended May 31, 2013.[14]
On September 9, 2016, the SEC charged RPM and its general counsel, Edward W. Moore, with violating antifraud provisions of Federal securities laws by failing to disclose a material loss. According to the SEC's complaint Moore did not inform RPM's CEO, CFO, audit committee and independent auditors of material facts about the U.S. Department of Justice investigation into the GSA issue.[15] The company stated that it believed the allegations to be without merit and that it intended to defend itself in court.[16] On December 23, 2020, the SEC announced that the company and Moore agreed to pay more than $2 million to settle the SEC's charges without admitting or denying the allegations of the complaint.[17]
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