Medina-based RPM International continues to grow as its sales have been boosted by its acquisition of Ali Industries. The maker of specialty coatings and sealants reported record sales, earnings and cash for its fiscal 2021 second quarter. Net sales rose from the $1.4 billion reported a year ago to $1.49 billion this year. Net income was also up 65%.
“Thanks to the efforts of our associates to grow the top line during challenging economic conditions worldwide, coupled with operational improvements, we achieved record second-quarter sales, earnings and cash flow,” says Frank C. Sullivan, RPM chairman and CEO.
“Once again, our MAP to Growth program generated strong leverage to the bottom line, despite moderate sales growth. Organic sales grew 3.5% during the second quarter.
Acquisitions contributed 2.3% and included the recent addition of Ali Industries, which positively impacted both sales and earnings while also demonstrating our renewed focus on growth.”
FLYING ABOVE EXPECTATIONS
With its completed acquisition of U.K.-based Cobham Aero Connectivity (CAC) last month, Cleveland-based TransDigm Group is no longer flying under the radar, both figuratively and literally. The company acquired CAC, a leading provider of highly engineered antennas and radios for the aerospace market for $965 million, which included tax benefits realized by TransDigm.
The products are primarily proprietary, with significant aftermarket content and have a strong presence across major defense platforms, as well as select commercial applications. The company generated approximately $225 million in revenue for the fiscal year ended Dec. 31, 2020.
WILL NEW ELECTRIC RV DRIVE SALES?
In the Mahoning Valley, Lordstown Motors took a giant leap forward in the production of its first full-size electric pickup truck, the Endurance, with last year’s announcement of support for its hub motor and battery line from the Ohio Tax Credit Authority. Construction has already started on the 700,000-square-foot facility at the company’s headquarters. When completed it is expected to be the largest of its kind in the U.S.
The company also announced that it would build a new electric RV, which is the result of a new partnership with Camping World. That includes the launch of a nationwide service and collision network for Lordstown’s EVs.
The market for RVs experienced a surge in 2020, due in large part to the COVID-19 pandemic and the fact that RVs represented a safe way to travel.
OFF-ROADING EV
The new 2021 Jeep Wrangler 4xe plug-in hybrid continues to roll off FCA’s production line in Toledo. Described by FCA as the “most technologically advanced Wrangler ever,” the new Wrangler 4xe plug-in hybrid delivers zero-emission open air driving on- and off-road with up to 25 miles of electric-only range and 400 miles of total driving range. Assembly of the Wrangler 4xe is integrated into the existing Wrangler assembly line and built on two shifts by more than 3,200 UAW-represented employees at the Toledo North plant in Ohio.
