Medina, Ohio -- RPM International Inc. said 4 Aug that its Performance Coatings Group has acquired API SpA, a $28-million turnover producer and installer of polyurethane and urethane-based flooring and decking solutions for cruise ships, mega-yachts and naval applications.
API, based in Genoa, Italy, also produces epoxy and polyurethane flooring systems for the Italian building market.
RPM said that API will continue to be led by Giorgio Magnaghi, managing director and grandson of company founder Mario Magnaghi, along with his management team, which includes Vittorio and Beniamino Magnaghi, also grandsons of the founder.
Holding company RPM expects the acquisition to add to earnings within one year. No financial terms were disclosed.
"API enhances RPM's presence in the decorative flooring market and will complement the strengths of our Stonhard and Flowcrete commercial polymer flooring businesses," said Frank Sullivan, RPM chairman and chief executive officer, in a company statement.
Sullivan noted RPM's good fortune in having the Magnaghi team continue to run the business as part of RPM, which he said is "yet another example of RPM's appeal as an ideal home for entrepreneurs in our industry."
RPM International says it owns subsidiaries that are "world leaders in speciality coatings, sealants, building materials and related services serving both industrial and consumer markets."
The group's industrial products include roofing systems, sealants, corrosion control coatings, flooring coatings and speciality chemicals.
Its industrial brands include Stonhard, Tremco, illbruck, Carboline, Euco, Flowcrete and Universal Sealants, while consumer brands include Zinsser, Rust-Oleum, DAP, Varathane and Testors.