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StonCor Group Acquires Interest in Indian Manufacturer

  • Sunday, 17th September 2006
  • Reading time: less than a minute

RPM International’s StonCor Group has acquired a stake in Kemrock Industries & Exports Ltd., a $20 million fibreglass reinforced plastic (FRP) composites manufacturer based in Vadodara, Gujarat State, India.

Frank C. Sullivan, president and chief executive officer of RPM, said, “”This equity position in Kemrock further strengthens RPM’s relationship with a business partner that has helped improve our Fibergrate subsidiary’s competitive position in FRP and pultruded shapes over the past three years. Kemrock is well established in the Indian and Far East marketplaces, where we envision an even broader and more prosperous working relationship with Kalpesh Patel, the company’s founder and managing director, and his management team going forward. This investment is indicative of the types of opportunities RPM is continuing to pursue in the dynamic Indian market.””

Kemrock, which is traded on the Bombay Stock Exchange Ltd., produces FRP for industrial grating, wind turbine housings and for structural shapes, handrails, ladders, fork lift pallets and related products.

RPM’s StonCor Group includes the company’s Stonhard polymer flooring business unit and Carboline high performance corrosion control coatings business unit, in addition to Fibergrate.

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