Tremco Incorporated history

Founded in 1929, Testor was the world's best-known hobby and craft trademark.

RPM founder Frank C. Sullivan had built a successful career as a sales executive with a Cleveland paint manufacturer, but decided to move out on his own in 1947.

In its first year Republic Powdered Metals achieved $100,000 in revenues, and by 1957 the company had reached the $2 million mark.

By June 1959 Tremco had moved into a new $1.5 million administration and technical center at 10701 Shaker Blvd.

With record sales of $8.8 million in 1961, Treuhaft sought to expand the company's annual sales to $20 million and make it a publicly owned corporation.

Success in that arena came quickly, and the effort was rewarded with increasing profits and President Lyndon Johnson's 'E' Award for excellence in export expansion in 1964.

Through growth and acquisitions, Tremco's annual sales reached more than $23 million in 1965, with a net profit of nearly $2 million.

RPM's success was tragically disrupted in 1971 with the unexpected death of Frank C. Sullivan on August 18.

In 1972 the company had 2 factories in Cleveland, 1 in Canada, and another in England, employing 1,029 people; net sales were $36.7 million and net income $2.2 million.

The firm changed its name to Tremco, Inc., 17 May 1974.

With all of the acquisitions came increased responsibilities, and in 1978 Tom Sullivan and the board of directors decided to divide his leadership role into two positions: president/chief operating officer and chairman/chief executive.

By 1979 the company had grown to 1,200 employees worldwide, but faced with the possible takeover by the Chemed Corp., who owned 5.2% of its stock, Tremco became a subsidiary of B.F. Goodrich Co. for $106 million in Jan.

In 1980 RPM purchased all assets of Haartz-Mason Inc., a Boston manufacturer of synthetic rubber products, which added sales of about $8 million per year to the list.

The younger Sullivan's business acumen was not only highlighted by acquisitions, but by divestments as well, especially since 1983.

Euclid Chemical Co., a 1984 acquisition, brought a leading manufacturer of liquid and powder concrete additives into RPM's product lineup.

Craft House Corp., a maker of craft, hobby, and toy products with $20 million in annual sales, further expanded RPM's do-it-yourself business in 1987.

Chemical Specialties Manufacturing Corp., Baltimore, was a producer of coatings, cleaners, and additives for the carpet, textile, and floor care market that was added in 1988.

The Bondex Radon Blocking System, a nontoxic, water-based sealant designed to protect homes and other buildings from radon gas seepage, was produced by Bondex International in 1989.

In 1991 RPM became the dominant player in fluorescent colorant markets with the purchase of Cleveland's Day-Glo Color Corp.

Jerry J. Dombick, an industry analyst, praised RPM's 'mutual fund of businesses' in a 1993 Chemical Week article.

A still larger purchase came in mid-1994 in the culmination of a 15-year courtship of Rust-Oleum Corporation.

In 1996 RPM, a Medina-based maker of sealants, coatings, and specialty chemicals marketed under a variety of brands including Rust-Oleum and Carboline, purchased Tremco.

Then in early August 1999 RPM bolstered its do-it-yourself lines with the $290 million cash purchase of DAP Products Inc. and DAP Canada Corp.

The company took a $52 million restructuring charge during the 2000 fiscal year, which brought an end to the streak of consecutive years of increasing net income, at 52 years.