<SEC-DOCUMENT>0001193125-14-100119.txt : 20140424
<SEC-HEADER>0001193125-14-100119.hdr.sgml : 20140424
<ACCEPTANCE-DATETIME>20140314162859
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-14-100119
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20140314

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			RPM INTERNATIONAL INC/DE/
		CENTRAL INDEX KEY:			0000110621
		STANDARD INDUSTRIAL CLASSIFICATION:	PAINTS, VARNISHES, LACQUERS, ENAMELS & ALLIED PRODUCTS [2851]
		IRS NUMBER:				020642224
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0531

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		2628 PEARL RD
		STREET 2:		P O BOX 777
		CITY:			MEDINA
		STATE:			OH
		ZIP:			44258
		BUSINESS PHONE:		3302735090

	MAIL ADDRESS:	
		STREET 1:		2628 PEARL RD
		STREET 2:		P O BOX 777
		CITY:			MEDINA
		STATE:			OH
		ZIP:			44258

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	RPM INTERNATIONAL INC/OH/
		DATE OF NAME CHANGE:	20021015

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	RPM INC/OH/
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	REPUBLIC POWDERED METALS INC
		DATE OF NAME CHANGE:	19711027
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">March&nbsp;14, 2014 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>VIA EDGAR </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">Attention:</TD>
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<TD VALIGN="top" COLSPAN="3">Ms. Melissa N. Rocha</TD></TR>
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<TD VALIGN="top" COLSPAN="3">Senior Assistant Chief Accountant</TD></TR>
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<TD VALIGN="top"><B>Re:</B></TD>
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<TD VALIGN="top"><B>RPM International Inc.</B></TD></TR>
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<TD VALIGN="top"><B>Form 10-K for the Fiscal Year Ended May&nbsp;31, 2013</B></TD></TR>
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<TD VALIGN="top"><B>Filed July&nbsp;24, 2013</B></TD></TR>
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<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><B>Definitive Proxy Statement on Schedule 14A</B></TD></TR>
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<TD VALIGN="top"><B>Filed August&nbsp;27, 2013</B></TD></TR>
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<TD VALIGN="top"><B>File No.&nbsp;1-14187</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Ms.&nbsp;Rocha: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On behalf of RPM International Inc. (the &#147;Company&#148;), this letter responds to the comments the Company received from the U.S.
Securities and Exchange Commission, Division of Corporation Finance (the &#147;Commission&#148;), dated February&nbsp;14, 2014. For your convenience, we have repeated your comments in <I>italics</I>, and the Company&#146;s responses are set forth
immediately below the corresponding comment of the Commission. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>Form 10-K for the year ended May&nbsp;31, 2013 </U></I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>Exhibit 13.1 </U></I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>Management&#146;s
Discussion and Analysis of Financial Condition and Results of Operations, page 22 </U></I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>General </U></I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>SEC Comment #1: </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>We note that in your
earnings call for the fourth quarter of 2013 and the first quarter of 2014, you provide a market outlook and commentary on your industry, specifically with respect to raw materials. We note, for example, that you discuss, among other things, the
long-term challenges and uncertainty of your commodity and chemical supply base as </I></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">March 14, 2014 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 2
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>
cracking and refining moves increasingly to gas, with associated ethylene and other chemical by-products, versus oil and polypropylene, which are used in a lot of commodity chemicals that
comprise your products. With a view toward future disclosure, please tell us what consideration you gave to including a similar discussion and analysis of such known material trends, demands, commitments, events and uncertainties in your filings to
help investors ascertain the likelihood that past performance is indicative of future performance. In future filings, please also include more fulsome discussion regarding the impact of the availability of raw materials and fluctuations in raw
material costs on the company&#146;s operating results, including a discussion of how changes in raw material costs have impacted margins and the ability of the company to pass on increases in costs of raw materials. <U>See</U> item 303(a)(3)(ii) of
Regulation S-K and Section III.B.3 of SEC Release No.&nbsp;33-8350. </I></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In a response to an analyst&#146;s question about raw material costs during the Company&#146;s October&nbsp;9, 2013 first quarter 2014 earnings conference
call, the Company&#146;s Chief Executive Officer remarked that the current outlook on raw material costs was relatively flat, with no impact on pricing during the quarter. The Chief Executive Officer went on to mention two &#147;longer term&#148;
dynamics that the Company monitors, including (i)&nbsp;the addition of chemical industry capacity in Asia and (ii)&nbsp;the change in the United States from oil cracking to gas cracking. The Company has not experienced any material changes to its
raw material costs or availability as a result of these two longer term dynamics to date, nor does it know of any developments in its business that suggest that these dynamics have resulted in discernible trends that are reasonably likely to have
material effects on its financial condition or results of operations. Instead, the comments represent speculation about potential macroeconomic factors that might conceivably influence raw material costs or availability at some point in the future.
As such, the Company submits that they are appropriately addressed by the existing cautionary disclosures under the captions &#147;Risk Factors&#148; and &#147;Business&#151;Raw Materials&#148; disclosure set forth below. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section III.B.3 of SEC Release No.&nbsp;33-8350 and Section III.B of SEC Release No.&nbsp;33-6835 make a clear distinction between &#147;currently known
trends, events, and uncertainties that are reasonably expected to have material effects&#148; and &#147;anticipating a future trend or event or anticipating a less predictable impact of a known event, trend or uncertainty.&#148; For currently known
trends, a disclosure duty exists if those known trends are reasonably expected to have material effects on the registrant&#146;s financial condition or results of operations. With regard to the longer term dynamics identified in the Company&#146;s
October&nbsp;9, 2013 earnings conference call, the Company believes that the Chief Executive Officer&#146;s comments involve anticipation of potential future trends, and therefore are not subject to the requirements of Item&nbsp;303(a)(iii)(A) of
Regulation S-K. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">March 14, 2014 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Although the longer term dynamics discussed above are not required to be disclosed in the Management&#146;s
Discussion and Analysis (&#147;MD&amp;A&#148;) of its periodic reports, the Company refers the Commission to existing disclosures in the Company&#146;s Annual Report on Form 10-K, including the following paragraph from &#147;Item
1&#151;Business&#148; of the Company&#146;s Annual Report on Form 10-K at page 8: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Raw Materials </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The sources and availability of the raw materials we use in our business continue to be adequate to meet our current and projected needs. Over
the past 12 months, in general we experienced steady raw material costs. Certain material costs experienced significant (and usually volatile) cost increases due to increasing global demand, unusually high planned and unplanned raw material
production shutdowns, certain lower-than-normal global crop yields, certain escalating feedstock costs, foreign exchange effects, China export controls and tariffs, supplier consolidation and related pricing discipline, and decreased natural gas
costs relative to the cost of oil, which has caused cracking optimization and, therefore, a reduction in the supply of certain materials. On a long-term basis, we anticipate the costs of the raw materials we use will continue to be subject to upward
pressure. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">and the following risk factor appearing in the Company&#146;s Annual Report on Form 10-K at pages 12 and 13: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Fluctuations in the supply and prices of raw materials may negatively impact our financial results. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">We obtain the raw materials needed to manufacture our products from a number of suppliers. Many of our raw materials are petroleum-based
derivatives, minerals and metals. Under normal market conditions, these materials are generally available on the open market and from a variety of producers. From time to time, however, the prices and availability of these raw materials fluctuate,
which could impair our ability to procure necessary materials or increase the cost of manufacturing our products. The costs of the raw materials we use are under generally upward pressure due to escalating energy and related feedstock costs,
increased levels of global demand, improved levels of supplier pricing discipline and declines in the value of the U.S. dollar. If the prices of raw materials continue to increase and we are unable to pass these increases on to our customers, we
could experience reduced gross profit margins. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">March 14, 2014 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company is aware of the MD&amp;A requirement concerning disclosure of known trends and will continue to
assess whether developments in its business have resulted from the long-term dynamics identified in its Chief Executive Officer&#146;s comments, or if other matters identified as potentially affecting raw materials costs have become
&#147;known&#148; trends or uncertainties subject to disclosure under Item&nbsp;303(a) of Regulation S-K. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>Critical Accounting Policies and
Estimates, page 22 </U></I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>SEC Comment #2: </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>You disclose on pages 22 and 43 that, under the new FASB guidance you early adopted in fiscal 2012, you only perform the two-step
quantitative goodwill impairment test if you conclude that it is more likely than not that a reporting unit&#146;s fair value is less than its carrying amount. On page 43 you indicate that you applied both the qualitative and traditional two-step
quantitative processes during your annual goodwill impairment assessment for fiscal 2013 which implies that you believed that at least one of your goodwill reporting units was at risk of being impaired. Please identify for us the goodwill reporting
units for which you performed the two-step quantitative assessment and quantify the amount of goodwill allocated to each of those reporting units as of May&nbsp;31, 2013. If you do not believe that any of your goodwill reporting units were at risk
of being impaired, please tell us why you performed both the qualitative and quantitative goodwill impairment tests as of May&nbsp;31, 2013. </I></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">During fiscal 2012, the Company early adopted
Accounting Standards Codification (&#147;ASC&#148;) 350-20-35, &#147;Goodwill &#150; Subsequent Measurement,&#148; that simplifies how an entity tests goodwill for impairment and includes an option to first assess qualitative factors to determine
whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. A traditional two-step quantitative goodwill impairment test is required only if the Company concludes through its qualitative testing that
it is more likely than not that a reporting unit&#146;s fair value is less than its carrying amount. However, the guidance in ASC 350 also includes an unconditional <I>option</I> for an entity to bypass a qualitative assessment and instead to
proceed directly to performing the two-step quantitative analysis. The Company had been monitoring actual-versus-projected financial results for each of its reporting units throughout fiscal 2013, and as of its March&nbsp;1 testing date, determined
that it was appropriate to perform step one of the traditional two-step quantitative test for two of its reporting units rather than the qualitative analysis. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For one of the Company&#146;s reporting units, even though the Company believed it was not more-likely-than-not that the fair value was less than its carrying
amount, the Company elected to perform the step one quantitative analysis for fiscal 2013 based upon this reporting unit&#146;s losses related to a strategic decision to exit certain unprofitable contracts outside of North America, combined with a
challenging economic environment in Europe, which created a shortfall in this reporting unit&#146;s actual 2013 results compared to its 2013 plan results and compared with the 2013 forecasted figures included in its previous fiscal 2011 step one
test. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">March 14, 2014 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The second of the two reporting units had actual 2013 sales and earnings ahead of operating results for the
prior year period, but a shortfall in actual 2013 earnings compared to 2013 plan results, and 2014 forecasted earnings that were being revised downward. Although the Company believed that it was not more-likely-than-not that the fair value of the
reporting unit was less than its carrying amount, the Company determined that it was prudent to perform a quantitative assessment as this reporting unit was a recently acquired business that had not yet undergone a step-one goodwill impairment test.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For the reasons dictated above, the Company elected to perform a quantitative analysis for these two reporting units during fiscal 2013. The
Company&#146;s goodwill impairment analysis for these two reporting units during fiscal 2013 did not result in any indicators of impairment, rather, the results of the tests indicated that the fair value of each of these reporting units was more
than double their respective carrying values. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>SEC Comment #3: </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>As previously requested in our comment 2 from our comment letter dated January&nbsp;17, 2013, please provide draft disclosure to be included
in future filings that discloses for each reporting unit that is at risk of failing step one of the quantitative goodwill impairment test: </I></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><I>&#149;</I></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>The percentage by which fair value exceeded carrying value as of the date of the most recent test; </I></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><I>&#149;</I></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>The amount of goodwill allocated to the reporting unit; </I></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><I>&#149;</I></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>A description of the methods and key assumptions used and how the key assumptions were determined; </I></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><I>&#149;</I></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>A discussion of the degree of uncertainty associated with the key assumptions. The discussion regarding uncertainty should provide specifics to the extent possible (e.g., the valuation model assumes recovery from a
business downturn within a defined period of time); and </I></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><I>&#149;</I></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>A description of potential events and/or changes in circumstances that could reasonably be expected to negatively affect the key assumptions. </I></TD></TR></TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">March 14, 2014 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Based on the results of the Company&#146;s most recent impairment assessment, management determined that there were no reporting units currently at risk of
failing step one of the quantitative goodwill impairment test. The Company will comply with this comment in future filings for any of those reporting units at risk of failing step one of the quantitative goodwill impairment test. Specifically, with
regard to the results of future testing, for any of those reporting units whose estimated fair value is not substantially in excess of its carrying value, and to the extent that goodwill for those reporting units, either individually or in the
aggregate, could materially impact the Company&#146;s operating results, the Company will disclose the information requested. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company&#146;s current
disclosures include a description of the methods and key assumptions used in its step one tests and how the key assumptions are determined, along with a discussion of the degree of uncertainty associated with the key assumptions. The Company
acknowledges that if the operating results of any of its businesses have been, or are expected to be, adversely impacted by known events, trends or circumstances then the facts surrounding those circumstances will be disclosed. In future filings,
the Company will expand its disclosure with regard to any reporting unit that is at risk of failing step one of the quantitative goodwill impairment test by including the percentage by which fair value exceeded carrying value as of the date of the
most recent test, the amount of goodwill associated with the reporting unit and a description of potential events and/or changes in circumstances that could reasonably be expected to negatively affect the key assumptions. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>Liquidity and Capital Resources, page 30 </U></I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>SEC Comment #4: </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>You disclose on page
31 that approximately 85% of your consolidated cash and cash equivalents were held at various foreign subsidiaries. We note that you do not intend to repatriate any significant amount of these cash balances to the U.S. Please revise to describe any
restrictions on either the use or transfer of cash held by your foreign subsidiaries. </I></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As of May&nbsp;31, 2013, cash balances held by the Company&#146;s foreign subsidiaries that were subject to restrictions on either the use or transfer of cash
amounted to less than 1% of the total amount of cash held by the Company&#146;s foreign subsidiaries. The Company will continue to monitor the significance of any restrictions in place with regard to the cash balances held at its foreign
subsidiaries, and will comply with this comment in future filings by updating its disclosures if any restricted balances become significant. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">March 14, 2014 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 7
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>SEC Comment #5: </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Please tell us the impact that the Moving Ahead for Progress in the 21st Century Act (&#147;MAP-21&#148;) had upon your future minimum
required pension contributions. If material, please also show us how you will revise your future filings on page 33 to address the expected future impact of this legislation on your liquidity and contractual obligations. </I></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Currently MAP-21 has had no impact on the
Company&#146;s required pension contributions. While MAP-21 has reduced current minimum required contributions to zero, the Company has chosen to maintain the status quo in determining the pension contributions that it is making. As such, the
Company has decided to continue to contribute based on pre-MAP-21 rates. Such expected contributions are reflected in the Contractual Obligations table on page 33 of the Company&#146;s Form 10-K for the year ended May&nbsp;31, 2013. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>Consolidated Financial Statements, page 35 </U></I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>Note P &#151; Contingencies and Other Accrued Losses, page 64 </U></I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>SEC Comment #6: </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>You disclose on page
64 of your Form 10-K and page 23 of your Form 10-Q for the quarter ended November&nbsp;30, 2013 that it is reasonably possible that excess liabilities, if they were to occur, could be material to operating results in any given quarter or year of
their recognition. If there is at least a reasonable possibility that a loss exceeding amounts already recognized may have been incurred, please provide draft disclosure to be included in future filings, that discloses an estimate of the additional
loss or range of loss (or, if true, state that the estimate is immaterial in lieu of providing quantified amounts), or state that such an estimate cannot be made. Please refer to ASC 450-20-50. </I></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">At page 64 of the Company&#146;s Annual Report
and at page 23 of the Company&#146;s Quarterly Report on Form 10-Q for the quarter ended November&nbsp;30, 2013, the Company states &#147;[w]hile it is reasonably possible that excess liabilities, if they were to occur, could be material to
operating results in any given quarter or year of their recognition, we do not believe that it is reasonably possible that excess liabilities would have a material adverse effect on our long-term results of operations, liquidity or consolidated
financial position.&#148; The Company is not currently aware of any loss exceeding amounts already recognized. However, even if any such loss were to occur, the Company estimates it would be immaterial. For future filings in which the Company
continues to estimate such losses to be immaterial, the Company proposes to replace the passage, a portion of which was identified by the Commission in its comment, with the following: </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">March 14, 2014 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 8
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">We provide, through our wholly owned insurance subsidiaries, certain insurance coverage,
primarily product liability coverage, to our other subsidiaries. Excess coverage is provided by third-party insurers. Our reserves provide for these potential losses as well as other uninsured claims. Product liability reserves are established based
upon actuarial calculations of potential liability using industry experience, actual historical experience and actuarial assumptions developed for similar types of product liability claims, including development factors and lag times. <U>To the
extent there is a reasonable possibility that potential losses could exceed the amounts already accrued, we believe that the amount of any such additional loss would be immaterial to our results of operations, liquidity and consolidated financial
position.</U> </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>SEC Comment #7: </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>If
you conclude that you cannot estimate the reasonably possible additional loss or range of loss, please supplementally: (1)&nbsp;explain to us the procedures you undertake on a quarterly basis to attempt to develop a range of reasonably possible loss
for disclosure and (2)&nbsp;for each material matter, what specific factors are causing the inability to estimate and when you expect those factors to be alleviated. We recognize that there are a number of uncertainties and potential outcomes
associated with loss contingencies. Nonetheless, an effort should be made to develop estimates for purposes of disclosure, including determining which of the potential outcomes are reasonably possible and what the reasonably possible range of losses
would be for those reasonably possible outcomes. </I></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Although the Company estimates that any additional loss would be immaterial, in response to this comment the Company advises the Commission that on a quarterly
basis, the Company considers loss contingencies by reviewing reports concerning ongoing litigation and environmental matters developed by Company personnel and outside advisors. The Company also reviews quarterly legal update letters from law firms
providing services to the Company. Furthermore, on a monthly basis, the Company&#146;s executives meet to review and discuss significant matters affecting the Company, including but not limited to loss contingencies that may be identified from time
to time. Through these processes, the Company, with the assistance of its outside legal and accounting advisors, indentifies and reviews potential loss contingencies, considers reasonably possible ranges of loss for each such contingency, and
determines whether new or additional disclosures about such contingencies in the Company&#146;s periodic filings are warranted. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">March 14, 2014 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 9
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>Definitive Proxy Statement on Schedule 14A filed August&nbsp;27, 2013 </U></I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>Compensation Discussion and Analysis, page 26 </U></I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>Annual Cash Incentive Compensation, page 31 </U></I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>SEC Comment #8: </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>We note your
disclosure on page 31 that &#147;[o]ver the course of fiscal 2013, however, the Compensation Committee determined that cash incentives paid would range from zero to 150% of salary with a target of 100% for all direct reports of the Chief Executive
Officer, regardless of title . . . .&#148; With a view towards future disclosure, please tell us what factors were considered by the compensation committee in determining to revise the salary range targets for cash incentives for various officer
titles. </I></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Prior to fiscal 2013, cash
incentives for the Company&#146;s Senior Vice Presidents and above ranged from zero to 150% of salary with a target of 100% of salary, and cash incentives for the Company&#146;s Vice Presidents ranged from zero to 100% of salary with a target of 60%
of salary. Over the course of fiscal 2013, the Compensation Committee determined to standardize the range for cash incentives for any officer who reports directly to the Chief Executive Officer, namely Messrs. Rice, Hoogenboom, Gordon and Moore.
Furthermore, in aligning the cash incentive ranges, the Compensation Committee considered that each of Messrs. Rice, Hoogenboom, Gordon and Moore are awarded his actual incentive compensation awards based upon the same criteria, as more fully
described at page 33 of the Company&#146;s Definitive Proxy Statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition to responding to the foregoing comments, we have
provided herewith as Attachment 1 a statement from the Company acknowledging that: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The Company is responsible for the adequacy and accuracy of the disclosure in its filings; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Staff comments or changes to disclosure in response to staff comments do not foreclose the Commission from taking any action with respect to the filing; and </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The Company may not assert staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States. </TD></TR></TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">March 14, 2014 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 10
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We hope that this letter is responsive to your comments. Should you require further
information or if there are any questions concerning the responses set forth above, please do not hesitate to contact me or, in my absence, Gregory S. Harvey ((216) 622-8253; gharvey@calfee.com). </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="100%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Very truly yours,</TD></TR>
<TR>
<TD HEIGHT="8"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">/s/ John J. Jenkins</TD></TR>
<TR>
<TD HEIGHT="8"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">John J. Jenkins</TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="93%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">cc:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Russell L. Gordon</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Edward W. Moore</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Thomas F. McKee</TD></TR>
</TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Attachment 1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Acknowledgement </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with the submission of its response to the comments issued in the U.S. Securities and Exchange Commission, Division of
Corporation Finance&#146;s letter of February&nbsp;14, 2014, RPM International Inc. (the &#147;Company&#148;) hereby acknowledges that: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the Company is responsible for the adequacy and accuracy of the disclosure in its filings; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">staff comments or changes to disclosure in response to staff comments do not foreclose the Commission from taking any action with respect to the filing; and </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the Company may not assert staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States. </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD WIDTH="100%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>RPM International Inc.</B></TD></TR>
<TR>
<TD HEIGHT="16"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">/s/ Edward W. Moore</TD></TR>
<TR>
<TD HEIGHT="16"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Edward W. Moore</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Senior Vice President, General Counsel and</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Chief Compliance Officer</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dated March&nbsp;14, 2014 </P>
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