History
In May 1947, Frank C. Sullivan founded Republic Powdered Metals, the forerunner to RPM International Inc. The company manufactured and sold a heavy-duty aluminum roof coating called Alumanation, which is still sold today. Sales in the first year reached $90,000.[10]
In 1963, after more than 15 years of private ownership, Republic Powdered Metals sold 25,000 shares of common stock to the public in an intrastate offering in Ohio. The company was listed on the NASDAQ stock exchange in 1971 and traded under the symbol RPOW. It moved to the New York Stock Exchange in 1998 and began trading under the symbol RPM.[11]
In August 1971, Frank Sullivan died suddenly. Later that same year, RPM, Inc. was formed to become a holding company to develop a more aggressive acquisition program in a rapidly consolidating paint and coatings industry. Frank's son, Thomas C. Sullivan, who was previously president of Republic Powdered Metals, became chairman and chief executive officer of the holding company. He and James A. Karman, who was elected president and chief operating officer in 1978, led RPM for more than three decades.[10]
After more than 30 years at the company's helm, Sullivan and Karman retired as executive officers of the company in 2002. During their tenure, net sales increased to $2 billion from $11 million, net income increased to $101.6 million from $0.6 million, cash dividends per share increased to $0.50 from $0.0035 (split-adjusted), and a $1,000 investment in RPM shares in 1971 would have been worth more than $100,000.[12] Tom Sullivan died in 2020 at the age of 83.[13]
Tom was succeeded by his son, Frank C. Sullivan, who became president and chief executive officer in 2002.
RPM earned a position on the Fortune 500 list in 1994, 2021 and 2024.[11]
