Multinational group Saint-Gobain has signed an agreement to acquire Celotex Group, a leading British supplier of high-performance insulating foam.
Saint-Gobain, the multi-national group which operates in the building distribution and product markets, with brands including Jewson, Graham and Greenworks, is now awaiting Office of Fair Trading approval of the acquisition. The group already has a presence in the market with its Isover brand.
Celotex achieved a turnover of £69.7 million during the last fiscal year to August 2011. It has 170 employees and two production lines based near Ipswich, UK, and has recently extended capacity with a new £3 million distribution and innovation centre in order to support its growth in the construction markets.
Saint-Gobain has said that this latest acquisition will strengthen its insulation offer for new segments such as flat roofs and floors, as well as its position in insulation for the new construction and renovation markets.
Celotex is continuing to operate under its brand name and with its existing management team.