MEDINA, OH - RPM International Inc. has announced that its subsidiary, Carboline Co., acquired a 49-percent interest in its Chinese licensee, Carboline Dalian Paint Production Co., Ltd. (Carboline Dalian). Terms of the transaction were not disclosed.
The remaining 51 percent of the joint venture will be owned by UniChemical Co., a long-standing partner of Carboline in another joint venture, Carboline Korea Ltd.
Carboline Dalian manufactures corrosion-control coatings and linings for a variety of industries, including offshore drilling, oil and gas, petrochemical, general manufacturing and OEM, nuclear and conventional power, among others.
"Supported by Carboline Dalian founder David Lee and his strong management team, this partnership will allow Carboline to further expand its position in China and Asia and provide a greater level of service to its international customers," stated Chairman and Chief Executive Officer Frank C. Sullivan. "It solidifies our relationship with David Lee and sets up Carboline's long-term strategy to control its own destiny in one of the world's most dynamic and growing markets."
Carboline Dalian's headquarters and manufacturing facilities are located in Dalian City, Liaoning Province, China. The company, which employs 60, also has a sales office and warehouse in Shanghai.