RPM Inc. Announces Plan to Incorporate in Delaware
Under the plan, RPM International Inc., a newly formed Delaware entity, will become the parent holding company of Medina, OH-based RPM Inc. and several other intermediate holding companies and wholly owned subsidiaries. RPM Inc. currently serves as a holding company for its various operating companies.
Frank C. Sullivan, RPM president, said the company believes the action "will be beneficial to RPM and its shareholders. In the process of reincorporating in Delaware, we will align the legal structure of our various operating companies in a manner that is more consistent with their business objectives and our current financial reporting."
Thomas C. Sullivan, RPM's chairman and CEO, said the reincorporation would have no material impact on employees or customers, and would not affect the company's presence in Ohio. The corporate headquarters will remain in Ohio, and the company will continue to employ nearly 1,100 people in eight manufacturing and warehouse facilities in the state, he said.