Distinguished list recognizes company’s growth over the past year
RPM International Inc. (NYSE: RPM) a world leader in specialty coatings, sealants and building materials, today announced it was named to the Fortune 500 list of America’s largest corporations by revenue. With revenues of approximately $5.5 billion for its fiscal year ended May 31, 2020, RPM ranks number 489, marking the company’s first return to the list since 1994.
"Our return to the prestigious Fortune 500 is an enormous achievement for RPM, particularly when you consider that we reached this milestone amidst a global pandemic that strained economies worldwide," stated Frank C. Sullivan, RPM chairman and CEO. "The credit goes to our 15,000 hard-working associates around the world who were able to continue growing revenues while also implementing an operating improvement program we called MAP to Growth."
A contributing factor to the company’s top-line success over the past year was an increase in do-it-yourself home repair, maintenance and decorating projects spurred by the Covid-19 pandemic. This led to an increased demand for RPM’s consumer coatings, sealants, and other products for beautifying, improving, and protecting the home. They are sold under such highly regarded brand names as Rust-Oleum, DAP and Zinsser.
"We expect that many who were non-DIYers previously will continue to use their newfound talents and our products as well," Sullivan continued. "At the same time, we are well positioned for accelerated growth on the industrial side of our business, which makes up about 65% of our revenue, as vaccines are administered and the impact of the pandemic diminishes, resulting in industrial customers catching up on maintenance and energy markets recovering. Our industrial companies will also benefit from demand for their products created by the passage of an infrastructure bill in the U.S."
"Our increased efficiency from our MAP to Growth program, combined with our long history of growing our top line is a one-two punch that is very powerful in terms of our ability to compete and win in the consumer and industrial markets we serve. It has us poised for another decade of growth and success," stated Sullivan.
Now in its 67th year, the Fortune 500 ranks U.S. companies by total revenues for their previous fiscal year, highlighting companies that generate $14.2 trillion in revenue, represent two-thirds of U.S. GDP and employ tens of millions of people worldwide. For the complete Fortune 500 list, visit https://fortune.com/fortune500/.
RPM International Inc. owns subsidiaries that are world leaders in specialty coatings, sealants, building materials and related services. The company operates across four reportable segments: consumer, construction products, performance coatings and specialty products. RPM has a diverse portfolio with hundreds of market-leading brands, including Rust-Oleum, DAP, Zinsser, Varathane, Day-Glo, Legend Brands, Stonhard, Carboline, Tremco and Dryvit. From homes and workplaces, to infrastructure and precious landmarks, RPM’s brands are trusted by consumers and professionals alike to help build a better world. The company employs approximately 14,600 individuals worldwide. Visit www.RPMinc.com to learn more.
For more information, contact Russell L. Gordon, vice president and chief financial officer, at 330-273-5090 or email@example.com.
This press release contains "forward-looking statements" relating to our business. These forward-looking statements, or other statements made by us, are made based on our expectations and beliefs concerning future events impacting us and are subject to uncertainties and factors (including those specified below), which are difficult to predict and, in many instances, are beyond our control. As a result, our actual results could differ materially from those expressed in or implied by any such forward-looking statements. These uncertainties and factors include (a) global markets and general economic conditions, including uncertainties surrounding the volatility in financial markets, the availability of capital and the effect of changes in interest rates, and the viability of banks and other financial institutions; (b) the prices, supply and capacity of raw materials, including assorted pigments, resins, solvents, and other natural gas- and oil-based materials; packaging, including plastic and metal containers; and transportation services, including fuel surcharges; (c) continued growth in demand for our products; (d) legal, environmental and litigation risks inherent in our construction and chemicals businesses and risks related to the adequacy of our insurance coverage for such matters; (e) the effect of changes in interest rates; (f) the effect of fluctuations in currency exchange rates upon our foreign operations; (g) the effect of non-currency risks of investing in and conducting operations in foreign countries, including those relating to domestic and international political, social, economic and regulatory factors; (h) risks and uncertainties associated with our ongoing acquisition and divestiture activities; (i) the timing of and the realization of anticipated cost savings from restructuring initiatives and the ability to identify additional cost savings opportunities; (j) risks related to the adequacy of our contingent liability reserves; (k) risks relating to the outbreak of the coronavirus (Covid-19); and (l) other risks detailed in our filings with the Securities and Exchange Commission, including the risk factors set forth in our Annual Report on Form 10-K for the year ended May 31, 2020, as the same may be updated from time to time. We do not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release.
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Russell L. Gordon
vice president and chief financial officer