CEO Message

To the Associates, Customers and Shareholders of RPM

In 2013, our Annual Report highlighted how connections between RPM associates, or what we call Connections Creating Value, had become central to our culture and represented new possibilities for RPM to grow and operate more efficiently. The progress we have made by capturing these opportunities has been tremendous. For example, in the last five years, intercompany sales between RPM’s segments have more than tripled to $186 million in fiscal year 2023.

Built on our core values of transparency, trust and respect, our culture is brought to life through our talented associates and their ability to connect with others. These opportunities to collaborate across functions, segments and geographies make RPM a stronger and more efficient company. Together, we create brands that represent innovative solutions for our customers, engaged community partners and value for our shareholders. I am immensely proud of the progress we have made over the past 10 years and am confident that Connections Creating Value will generate our most significant future achievements.

The details and examples that appear throughout this summary annual report illustrate our achievements and show how our work to connect, collaborate and create is helping to Build a Better World and drive RPM’s growth.

Fiscal 2023 Highlights

Fiscal 2023 was a year of meaningful accomplishments, and our associates made many of them possible by working together. These include:

  • Achieving record annual revenue +8% vs. 2022 and record adjusted EBIT +19% vs. 2022 despite a pronounced slowdown in some end markets in the middle of the year
  • Announcing our MAP (Margin Achievement Plan) 2025 goal of achieving $465 million in incremental EBIT on a run-rate basis by fiscal year-end 2025
  • Generating over $120 million of benefits from MAP-related initiatives during fiscal year 2023
  • Issuing our sustainability report, which includes sustainability goals we have set for 2025
  • Increasing our dividend for the 49th consecutive year and returning nearly $264 million to stockholders through dividends and share repurchases

Looking forward to fiscal year 2024, we expect to have another year of record sales, record earnings and strong cash flow generation. With these expected strong results, we anticipate announcing our 50th consecutive year of cash dividend increases to our shareholders, a milestone that speaks to the long-term value creation and the resiliency of RPM for over 75 years. Our focus will be the continued successful execution of MAP 2025 initiatives, including investing in our associates and organic growth opportunities and operating more efficiently. While the outlook for economic conditions remains uncertain, the actions we are taking will benefit us throughout any economic cycle.

In addition, we remain committed to achieving our Building a Better World sustainability goals, and you can read about our progress at

As we reflect on fiscal year 2023, I would like to thank our associates, customers, shareholders and board of directors for their continued support. Fueled by our culture, I am confident that our ability to connect, collaborate and create will lead to continued accomplishments in 2024 and beyond.

Frank C. Sullivan
Chair & Chief Executive Officer
August 23, 2023



RPM International Inc.
2628 Pearl Road
Medina, Ohio 44256