Insulation industry news from Global Insulation
Germany: Austria's Austrotherm has inaugurated its first manufacturing base in Wittenberge, Brandenburg, Germany. The new plant for extruded polystyrene (XPS) required a Euro40m investment and will employ 70 people. The production capacity was not disclosed. The Austrotherm Group, which has 18 production units in 11 countries, reported a turnover of Euro250m in 2013.
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."
Armacell proving a tough sell
19 March 2013Germany: Suitors of the German insulation materials maker Armacell GmbH are poised to make second-round offers below the Euro500m price tag sought by its owner, Bahrain's Investcorp, according to Reuters.
The second round deadline was pushed back from 11 March 2013 as private equity firms Charterhouse, Pamplona Capital Management LLP and HgCapital were set to bid closer to Euro500m, according to bankers that spoke to the agency. The lower bids would reflect growth concerns regarding the target, whose sales amounted to Euro448m in 2011. There are even concerns that the deal, which is being handled by Barclays plc, could be cancelled completely if a reasonable valuation cannot be reached.
BASF to sell German subsidiary BASF Wall Systems
08 November 2012Germany: BASF, the multinational chemical company, has announced plans to divest its subsidiary BASF Wall Systems GmbH & Co. KG, together with its factory in Marktredwitz. Currently, BASF Wall Systems employees 190 workers.
BASF Wall Systems is a supplier of insulation and finishing systems in the German market. The company's main field of business is systems for the exterior and interior thermal insulation of buildings. In addition, the company offers renovation and restoration systems for historical buildings.
"Our Wall Systems business in Germany posted significant growth over the last few years. Nevertheless, there are only limited synergies with other BASF fields of activity that we can make use of. A new owner will be better able to drive the business," said Dr Tilman Krauch, president of BASF's Construction Chemicals division.