RPM buys Australian automotive, specialty coatings company HiChem
RPM International said Wednesday that its Rust-Oleum Group has acquired HiChem Paint Technologies, a leading Australian manufacturer of automotive aftermarket coatings, as well as specialty coatings for industrial applications and home maintenance.
Based in Hallam, Australia, HiChem has annual sales of approximately $23 million. Terms of the transaction, which is expected to be accretive to earnings within one year, were not disclosed.
HiChem manufactures and markets a wide range of vehicle repair, general industrial and home maintenance coatings and products for both do-it-yourselfers and professionals sold under the Motospray and HiChem brands.
"This acquisition expands our presence in the Australian market with well-respected brands and enhances our operational capabilities in the region by providing new distribution channels and local manufacturing,” said Frank C. Sullivan, RPM chief executive.
“HiChem is an excellent addition to our Rust-Oleum Group and will benefit from Rust-Oleum's innovative new products, marketing savvy and category management capabilities," he added.
HiChem will continue to be led by its existing management team, including founder and former owner Ivan Moldovan, according to RPM officials.
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