RPM International Inc., a holding company of global specialty coatings, building materials and services businesses, announced that its Carboline subsidiary has acquired a majority interest in its Indian joint venture, CDC Carboline India Pvt. Ltd. Based in Chennai, India, CDC Carboline India manufactures corrosion protection and fireproofing products predominately for the petrochemical, power, fabrication, and commercial and industrial fireproofing markets. The company has annual sales of approximately $8 million. As a result of this transaction, Carboline, which is part of RPM's Performance Coatings Group, will own an 80% majority position in CDC Carboline India. The company's founder, Daniel Chittayagam, will retain 20% ownership and remain as managing director.
Carboline acquires Indian joint venture
By Tim Wright
Published October 9, 2009
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