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Medina, USA-based RPM International has acquired HiChem Paint Technologies, an Australian auto repair and industrial coatings business with annual sales of about US$23M. Terms of the deal were not disclosed.
HiChem, based in Hallam, Australia, manufactures and markets automotive aftermarket coatings, as well as speciality coatings for industrial uses and home maintenance sold under the Motospray and HiChem brands.
HiChem’s founder and former owner Ivan Moldovan and other members of its management team will remain with the company, which will join RPM’s Rust-Oleum Group.
This is RPM’s fifth acquisition this fiscal year, for a total addition of about US$184M in sales, the company said.
"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 RPM chairman and chief executive Frank C Sullivan, in a statement announcing the acquisition.