Russia: Saint-Gobain has bought a 25.1% share in ISOROC, a Russian building materials company based in Tambov. The cost of the acquisition has not been announced nor has Saint-Gobain revealed who sold the shares. The transaction is in line with Saint-Gobain Group's expansion strategy that enables it to continue growing its insulation activity in Russia.
ISOROC is a leader in the central region of Russia for mineral wool products, the most commonly used insulation material in the Commonwealth of Independent States (CIS). The company reported revenues of Euro46m in 2011.
According to the SPARK database, Germany's Erste AMSC Unternehmensbeteiligungs GmbH owned 37.94% of ISOROC as of 7 September 2012, the European Bank for Reconstruction and Development (EBRD) owned 35.93% and Rabo Black Earth B.V. owned 7.18%.
Saint-Gobain previously announced in June 2012 that it had acquired British insulating foam producer Celotex to strengthen its position in the UK insulation market.
