RPM International Inc.
announced that its Tremco business acquired Schul International Co., LLC, a manufacturer of joint sealants for commercial construction, and Willseal LLC, a business that markets and sells Schul products.
Both companies are headquartered in Hudson, New Hampshire, and have combined annual net sales of approximately $15 million. Terms of the transaction, which is expected to be accretive to earnings within one year, were not disclosed.
Schul’s product line primarily consists of pre-compressed, self-expanding foam tapes, which are used for sealing vertical and horizontal joints in applications that include window seals, precast concrete, modular construction and concrete façade restoration. They are sold under the Sealtite and Willseal brands.
Schul and Willseal will be integrated into RPM’s Tremco Commercial Sealants & Waterproofing business, which specializes in the manufacture of sealants and waterproofing products for commercial, residential, industrial and infrastructure markets. The companies’ entrepreneurial leaders, Steve Robinson of Schul and Brian Iske of Willseal, will continue in their current roles with the business units as part of Tremco.
“The acquisition... puts RPM in a leading position for impregnated foam tape technology," RPM Chairman and CEO Frank C. Sullivan said. "Through this transaction, we are creating a platform for North American-based production, augmenting our product development capabilities and leveraging other synergies that will be further enhanced by our MAP to Growth operating improvement initiative.”