, a maker of specialty paints and sealants, said Thursday that its StonCor Group unit acquired a 14.99% stake in
Kemrock Industries & Exports
, an India-based manufacturer of fiberglass reinforced plastic (FRP) composites. Terms of the deal were not disclosed.
Kemrock, which is traded on the Bombay stock exchange, produces FRP for industrial grating, wind turbine housings and for structural shapes, handrails, ladders, fork lift pallets and related products.
"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," the Medina, Ohio-based company said.
RPM's stock was reently trading at $19.03, down 5 cents, or 0.3%, Thursday.
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