Another waterproofing company has been acquired! With annual revenue of 200 million RMB, it caught the eye of an international giant? Why has underground waterproofing become so attractive?

Huizheng Information: The global construction and building materials industry is undergoing consolidation and adjustment amid a phase of mature-market competition, and technology-driven mergers and acquisitions in the waterproofing sector are particularly active. Recently, HuiCong Waterproof Network noted that RPM International—a global coatings giant—issued an official announcement confirming it had signed a definitive agreement to acquire Volteco S.p.A., an Italian leader in underground waterproofing solutions. The acquired assets will be integrated into RPM’s core construction business platform, Tremco Construction Products Group (CPG). Though modest in scale, this deal has drawn industry attention precisely because it targets the high-end, specialized underground waterproofing technology segment—and offers a fresh case study for the global waterproofing industry’s transformation trajectory. Strategic Acquisition: Focusing on the Niche Underground Waterproofing Segment The strategic intent behind this transaction far outweighs its financial scale. According to the official announcement, the acquiring entity is Tremco CPG—the cornerstone of RPM’s building envelope systems business. Public financial data shows Volteco generated €28 million in sales in 2025—approximately RMB 214 million—a figure unremarkable within the broader building materials M&A landscape. Yet the deal’s core value lies not in revenue uplift, but in Volteco’s differentiated underground waterproofing technologies and the market barriers it has built in highly complex engineering projects. For RPM—which already boasts a globally established distribution network—acquiring scarce technical capabilities and completing its product portfolio is the primary objective of this acquisition. A Hidden Champion: Building a Technical Foundation for High-Difficulty Projects As a quintessential European “hidden champion,” Volteco’s growth path exemplifies the value of deep specialization. Headquartered in Ponzano Veneto, northeastern Italy, the company has deliberately avoided crowded mainstream markets such as residential roofing and exterior wall waterproofing since its inception. Instead, it has focused exclusively on underground engineering waterproofing—serving demanding projects including tunnels, subways, dams, and municipal infrastructure. Underground waterproofing has long been regarded as the “technical high ground” of the waterproofing industry. Unlike above-ground structures, underground works face persistent high hydrostatic pressure and complex geological conditions; once leakage occurs, repair costs are extremely high. Consequently, waterproofing materials must meet significantly higher requirements for durability, water resistance, and structural compatibility than those used in ordinary applications. Volteco’s reputation in this niche stems from years of accumulated technological expertise. Its flagship product—Amphibia™ waterproofing membrane film—has become an industry benchmark thanks to its consistent performance and advanced manufacturing process. In addition, the company offers a diversified portfolio including injectable grouts, pre-applied waterproofing systems, and specialty materials for repairing leaks in aging tunnels—covering both new construction and renovation scenarios, and forming a comprehensive underground waterproofing solution system. Volteco’s solutions have already been deployed across multiple landmark Italian projects: providing waterproofing protection for the restoration of historic Venice landmarks, ensuring the longevity of ancient architecture; supporting the Milan San Giulia Ice Hockey Arena—the core venue for the 2026 Milan-Cortina Winter Olympics—with waterproofing meeting stringent international standards; delivering waterproofing systems for the intercity transportation tunnel in Abruzzo Region, safeguarding the structural integrity of a key regional transport hub; and successfully applied in Y-40—the world’s deepest thermal swimming pool.

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• CPG: Primarily manufactures and sells construction sealants and adhesives, coatings and chemicals, roofing systems, concrete admixtures, and repair products. It provides building envelope solutions, insulated cladding, flooring systems, and rain-screen solutions. In the third quarter of fiscal year 2022, this segment’s sales rose 21.7% year-on-year to $482 million, driven by 23.2% organic growth and a 2.2% contribution from acquisitions. Benefits stemmed from innovative building envelope solutions and differentiated repair offerings. • PCG: Offers high-performance flooring solutions, corrosion-control and fire-retardant coatings, infrastructure repair systems, fiberglass-reinforced plastic gratings, and drainage systems. In the third quarter of fiscal year 2022, this segment’s sales increased 19.6% year-on-year to $270.9 million, primarily due to 17.8% organic growth and a 3.4% contribution from acquisitions. • Consumer: Manufactures and sells rust inhibitors, specialty and decorative paints, caulks and sealants, primers, cement cleaners, floor sealers, woodworking paints, sandpaper and other abrasives, and other branded consumer goods. Organic sales in this segment grew 3.6% in the third quarter of fiscal year 2022, while total segment sales rose 2.9% year-on-year to $491.6 million. • SPG: Produces and sells industrial cleaners for pharmaceutical and food industries, equipment for repair services, colorants, nail enamels, exterior coatings, edible coatings, specialty OEM (“original equipment manufacturer”) coatings, and other specialty products. This segment’s sales totaled $189 million, up 11.9% year-on-year. 03 Financial Data ① Revenue and Profit • Net sales for the third quarter of fiscal year 2022 reached a record $1.43 billion, up 13.0% from $1.27 billion in the prior-year period. Operating profit for the quarter was $500 million, up 5.6% from $470 million a year earlier. • Frank C. Sullivan, Chairman and CEO of RPM, stated that RPM employees persevered through unprecedented supply-chain challenges, Omicron-related disruptions, and inflationary pressures. Despite these difficulties, the company achieved record EBIT and record sales in the quarter. In September of last year, RPM swiftly responded to supply-chain constraints by rapidly expanding internal resin production capacity at its newly acquired manufacturing facility in Texas. Moreover, RPM’s continued investment in its fastest-growing business areas fueled accelerated growth in high-performance construction and coating systems. Construction and industrial maintenance activity remained strong, energy markets began rebounding, and consumer takeout demand stayed robust. • In the third quarter of fiscal year 2022, RPM’s U.S. revenue accounted for 69% of total revenue—its primary income source. The company markets its products directly to contractors, distributors, and end customers, most of whom are located domestically in the United States. • In the third quarter of fiscal year 2022, RPM’s European revenue represented 17% of total revenue. Europe serves as the primary overseas market for RPM’s Consumer and SPG segments.

RPM International Completes Acquisition of Italy-Based Volteco

Oct 2, 2026

RPM International Inc completed the acquisition of Volteco, an Italian specialty building materials manufacturer. This strategic move expands RPM's European construction portfolio, particularly in waterproofing and building envelope sectors.

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