Germany: Morgan Advanced Materials has announced that it has signed an agreement to acquire insulation manufacturer Porextherm Dämmstoffe GmbH, adding to its broad portfolio of thermal insulation products and solutions. The agreement was entered into by Morgan Deutschland Holding GmbH, a wholly owned subsidiary of the Morgan Advanced Materials. Completion of the acquisition is subject to customary closing conditions, including approval from the German competition authority.
Porextherm had sales of Euro24m in 2013. It manufactures a wide range of WDS® high-temperature insulation and vacuum insulation panel (VIP) products. It specialises in developing insulation products with the lowest possible thermal conductivity that have superior durability and will enhance the Morgan Group's existing high performance insulating systems portfolio.
"The addition of Porextherm to the Morgan Group enhances our existing portfolio of high-performance insulating systems and also gives us the chance to share knowledge and processes which will lead to future product development," said Mark Robertshaw, CEO of Morgan Advanced Materials. "In line with our strategic priorities, the acquisition brings with it the opportunity to explore new markets and expand our range to benefit both new and existing customers."
"We welcome the opportunity to become part of the Morgan Group and the benefits that being part of an international materials technology leader will bring," said Peter Stubner, managing director of Porextherm Dämmstoffe. "There will be a smooth transition for our customers and we look forward to a mutually successful future as part of the Morgan Group."
