Paroc gets acquired by Owens Corning for €900M
Paroc, a Helsinki, Finland-based manufacturer of energy-efficient and fire-proof insulation solutions, announced entering into a definitive deal through which Owens Corning becomes the sole owner of the company.
The transaction was made with CVC Capital Partners, one of the top private equity and investment advisory firms, which acquired a majority position in Paroc in 2015.
Paroc, led by CEO Kari Lehtinen, is one of the leading producers of high quality stone wool insulation in the Nordic, Baltic and Russian regions, producing building insulation and technical insulation, as well as panels. The company employs over 1,800 people in 13 countries and operates facilities in Finland, Lithuania, Poland, Russia, and Sweden and has four business units: Building insulation (walls, roofs, acoustic and fire insulation), Technical insulation (pipes, HVACs, air ducts, mats), Panel systems (ceiling, partitions, external walls), and Russia (Building and Technical insulation).
The acquisition of Paroc expands Owens Corning’s 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%. The transaction, which is subject to regulatory approvals and other customary closing conditions, is anticipated to close in early 2018.