Armacell Acquires Industrial Thermo Polymers
Armacell, a global specialist in flexible insulation foams for the equipment insulation market and a provider of engineered foams, has signed a purchase agreement for the business of Industrial Thermo Polymers Limited (ITP), a manufacturer of extruded polyethylene foam products in North America. This transaction significantly strengthens Armacell’s market position and footprint in North America – especially in the pipe insulation business. The closing is expected mid of March.
“All of the product segments that ITP is active in – such as pipe insulation, backer rods and water toys – exhibit strong growth rates. The predicted rebound of the overall US construction market and the strengthening of the US dollar, which both have a significant impact on the company´s sales, make ITP an attractive investment for us", explains Patrick Mathieu, CEO of Armacell International S.A., Luxemburg.
ITP, which was founded in 1980 and maintains headquarters in Ontario, Canada, is a leading manufacturer of extruded polyethylene foam products in North America. Under the brand name Tundra, ITP manufactures products for a broad range of applications, including standard and self-sealing pipe insulation, insulating foam filler and water toys. In 2014, it generated revenue of approx. CD 30 million.
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