A publicly-traded Ohio company has acquired two Hudson companies that manufacture and sell foam joint sealants for commercial construction.
RPM International Inc. of Medina, Ohio, has acquired Schul International Co. and Willseal LLC to integrate them into its Tremco Commercial Sealants and Waterproofing business.
Schul manufactures self-expanded foam tapes, and Willseal markets and sells Schul’s products, according to a release from RPM.
The two Hudson-based businesses have combined annual net sales of $15 million, the release states. The acquisition is expected to add to RPM’s earnings per share within a year’s time.
Local entrepreneurs Steve Robinson of Schul and Brian Iske of Willseal will remain in their current roles as leaders of each respective business.
Iske told the New Hampshire Union Leader on Friday that he’s pleased with the integration so far and the professionalism of the Tremco staff, many of whom he said are 20- or 30-year veterans of the industry.
“I’m very excited about it. So far, I’ve been extremely impressed by the people from RPM Tremco,” Iske said.
The companies started at 1 Industrial Drive in Pelham, a 2,200-square-foot building owned by Robinson, Iske said. They since added operational capacity at their 38,000-square-foot facility at 34 Executive Drive in Hudson, which houses both companies.
Iske said the plan is to consolidate everything at the Hudson site. He said there are no plans that will change their employment numbers, and in fact, RPM has signaled a commitment to invest in the companies.
“The nice thing about this is they want to fund growth,” Iske said. “Plus, we want to leverage some of the German technology that hasn’t made it to America yet that we think will add value.”
Iske also said they will be able to take advantage of Tremco’s roughly 70-person sales team. Recently, they have been using a combination of in-house salespeople and independent contractors.
Iske said the Schul and Willseal companies started in 2013 when they became the North American suppliers of the foam technology originally developed by the German company Illbruck, which stopped operating in the U.S. in 2005.
“We converted the foams into products that were used in America,” Iske said.
RPM acquired Illbruck’s technology for the European market in 2006.
Schul’s products, under the Sealtite and Willseal brands, are inserted into building joints in a pre-compressed state and are expanded.
The seals are used for vertical and horizontal joints in window seals, precast concrete, modular construction and concrete facade restoration.
Iske said the acquisition will enable them to use new window and door weatherization technology.
Brad Kostka, a spokesman for RPM, said in an email that in addition to entering the North American market for impregnated foam technology, the company is also able to add some of Schul’s unique applications, including fire rated and traffic bearing joints.
RPM’s release called Schul an “industry innovator” for developing some proprietary systems, including applications with passive fire protection, seals that are pre-coated with silicone for weather-protected joints, and its “monolithic” foam -- products that help differentiate Schul from competitors whose products are made from several layers of foam laminated together.
Kostka said RPM’s four pillars to its growth strategy are “pioneering innovative new products, driving enhanced profitability through a culture of continuous operational improvement, promoting collaboration among its operating companies, and expanding its global footprint through strategic acquisitions.”
He said the company has completed more than 170 acquisitions in the past 30 years.