RPM Acquires Synta Wood Deck And Concrete Restoration Business
RPM International (NYSE: RPM) announced today that its Rust-Oleum Group has acquired Synta Inc., a producer and marketer of innovative exterior wood deck and concrete restoration systems. Based in Clarkston, GA, Synta's annual sales are anticipated to exceed $40 million in the first year. Terms of the transaction, which is expected to be accretive to earnings within one year, were not disclosed.
Synta's unique Deck Restore and Concrete Restore brand products offer consumers the opportunity to extend the life of weathered outdoor wooden decks and concrete surfaces well beyond the performance of conventional stains, paints and sealers. They are widely available at leading nationwide home centers and other home improvement retailers. Additionally, Synta offers a line of arts and craft coatings under the Anita's brand, and a recently introduced line of specialty coatings under the MyColor by Pantone brand.
"Building on a strong product performance foundation, Synta has opportunities for further rapid growth ahead as it benefits from Rust-Oleum's extensive marketing and distribution capabilities," stated Frank C. Sullivan, RPM chairman and chief executive officer. "Randy Moore, Synta chief executive officer, will continue to lead the organization, which will operate as a stand-alone business within Rust-Oleum's Consumer Business Group, and Tom Curtis, Synta founder, will continue in a consulting capacity."
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