Flowcrete Group plc, the flooring manufacturer chaired by Dawn Gibbins MBE, has been sold.
The company, which has its headquarters in Sandbach, Cheshire, has been brought for an undisclosed sum by American-based RPM International Inc, which is listed on the New York Stock Exchange.
Flowcrete’s management team say jobs are safe and that the deal will enable the company to grow and expand, both in the UK and overseas. Flowcrete employs 350 people around the world, with 90 based in the UK.
Flowcrete Group plc is a world leader in the supply of specialist flooring for commercial and industrial buildings.
Its specialist flooring products include decorative seamless resins, waterproof car park decking, resin terrazzo, seamless anti microbial flooring, corrosion protection, self-levelling cements, underfloor heating and acoustic systems.
The sale gives Dawn, 49, the opportunity to fulfil a life-long ambition to create a social enterprise which promotes, educates and supports the concept of Feng Shui and healthy environments into the UK’s residential and business communities.
Dawn has, with her husband and business partner Mark Greaves, helped to build Flowcrete up to a multi-million pound international brand after starting the business up in 1982 with her late father, Peter.
Today Flowcrete is a truly global concern, with 30 offices worldwide and 12 manufacturing plants globally.
It has recently reported a record financial performance, achieving sales of more than £44 million in 2007 - an increase of 24% compared to 2006.
Business success saw Dawn receive an MBE for services to industry in 1994, and the Veuve Clicquot Business Woman of the Year title in 2003. She was also made a ‘Pioneer to the Life of our Nation’ by Her Majesty the Queen in 2004.
Dawn said: “Flowcrete has been a central part of my life for 25 years but I am glad it is being transferred into the ownership of such an entrepreneurial company as RPM, under a deal that gives the company a platform for growth, stability and success.
“For several months, we have been looking at ways to raise funds for the group, which would give it the financial muscle to make further acquisitions.”
Flowcrete will continue to be led by the current management team, with Mark Greaves continuing as group managing director.
Mark said: “I will be staying with the business together with the existing management team, with a brief to further aggressively expand the business to become the world’s leading specialist flooring company.
“The jobs of the staff who currently work for the business are safe and it is likely that we will be employing more staff locally and internationally as the business continues to expand.”
Brabners Chaffe Street have acted as legal advisers for the deal and Ernst and Young have handled the tax aspects.
RPM International Inc. is a multinational holding company with subsidiaries that manufacture and market high-performance coatings, sealants and speciality chemicals. Sales in 2007 were $3.3 billion, with 63 per cent to industry worldwide and the remaining 37 per cent to domestic consumers mainly in North America.
Notes To Editors
At this stage, Flowcrete’s offices and manufacturing plants in Brazil and South Africa are not part of the deal with RPM.
For further information please contact Jane Shepherd, Shepherd PR, on 01538 308685 or email: email@example.com
Flowcrete Group plc
The Flooring Technology Centre
Visit us on the web at http://www.flowcrete.com
Flowcrete is using its global expertise to introduce environmentally friendly, hygienic and aesthetically attractive floors to create a better and more sustainable world at our feet.
RPM International Inc. (RPM), through its subsidiaries, manufactures, markets and sells specialty chemical product lines, including specialty paints, protective coatings and roofing systems, sealants and adhesives, focusing on the maintenance and improvement needs of both the industrial and consumer markets. The Company’s family of products includes those marketed under brand names, such as CARBOLINE, DAP, DAY-GLO, DRYVIT, EUCO, FLECTO, ILLBRUCK, RUST-OLEUM, STONHARD, TREMCO and ZINSSER. RPM’s business is divided into two segments: the consumer segment and the industrial segment. As of May 31, 2007, its subsidiaries marketed products in 149 countries and territories, and operated manufacturing facilities in approximately 90 locations in the United States, Argentina, Belgium, Canada, China, Colombia, The Czech Republic, Germany, Italy, Mexico, The Netherlands, New Zealand, Poland, South Africa, the United Arab Emirates and the United Kingdom
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