SAINT-GOBAIN has reached an agreement with Soprema for the sale of a majority stake in its polyisocyanurate insulation (PIR) activity in the United Kingdom under the Celotex brand.

A Saint-Gobain spokesperson said, “This transaction enables Saint-Gobain to continue refining its portfolio and focus its efforts in a manner that best serves its customers. Soprema, which already manufactures and sells PIR insulation across Europe, will be best positioned to support the Celotex business in its next stage of growth.”

Celotex

Celotex operates from two manufacturing facilities in Hadleigh, Suffolk and Eggborough, Yorkshire and employs 155 people.

The completion of the transaction is expected to be finalized in early 2024.

Celotex’s assets will be transferred to a new standalone company, which will be 75% owned by Soprema once the transaction is complete. Saint-Gobain will retain a 25% minority stake in this new company for the time needed to ensure a smooth transition.

The transaction is part of Saint-Gobain’s continued business profile optimization strategy.

Multi-national company Saint-Gobain had sales of €51.2 Billion in 2022 and employs 168,000 people in 75 countries. It is committed to achieving carbon neutrality by 2050.

Soprema is a multinational manufacturer of insulation and waterproofing products which it supplies directly to its customers in the UK as well as through a distributor network. Soprema Group has 101 production sites around the world, with 9,720 employees, 17 R&D centres and 22 training centres in 8 countries.

>> Read more about Saint-Gobain in the news

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