On Sunday, October 29, Owens Corning announced that it had signed an agreement with CVC Capital Partners to acquire Paroc Group, a producer of mineral wool insulation for building and technical applications in Europe, for an enterprise value of approximately €900 million. The transaction is anticipated to close in early 2018.
Paroc is a European manufacturer of high-performance mineral wool insulation solutions for a variety of end markets. Paroc manufactures building insulation for thermal, fire and acoustic applications in residential and commercial construction.
Owens Corning says the acquisition of Paroc expands its mineral wool technology, grows its presence in the European insulation market, provides access to a variety of new end-use markets and will increase the company’s sales-mix of the insulation business outside the U.S. and Canada to 35%.
Mike Thaman, Owens Corning chairman and chief executive officer, said: “The acquisition of Paroc delivers on Owens Corning’s strategy to provide our customers with a portfolio of insulation products that cover the full temperature spectrum in the three largest insulation markets: Europe, North America and China. Over its 80-year history, Paroc has earned a reputation for high-quality products and technical expertise. I am impressed with the Paroc team and believe they will be a great addition to Owens Corning.”
Kari Lehtinen, chief executive officer of Paroc, said: “I am very excited about our new opportunities with Owens Corning. We have built a company with a leading market position, offering attractive value propositions to our customers and employees. Owens Corning will help us to expand further in the growing Central and Western European markets, using our solid base as a platform for growth.”
