9th Jun 2014 11:49
LONDON (Alliance News) - Morgan Advanced Materials PLC Monday said it has acquired insulation manufacturer Porextherm Dämmstoffe GmbH, adding to its thermal insulation portfolio.
In a statement, Morgan Advanced Materials said the acquisition, which was made through a German subsidiary, is subject to customary closing conditions, including approval from the German competition authority.
No financial details of the deal were disclosed.
Porextherm, established in 1989, reported EUR24.0 million in sales in 2013, and has a range of heat and vacuum sealed products. Porextherm specialises in developing insulation products with the lowest possible thermal conductivity combined with durability. Morgan said that Porextherm's manufacturing facility in Kempten, Germany, has the necessary technology to meet increasing international demand in markets including automotives and petrochemicals.
"The addition of Porextherm to the Morgan Group enhances our existing portfolio of high-performance insulating systems, and also gives us the chance to share knowledge and processes which will lead to future product development. In line with our strategic priorities, the acquisition brings with it the opportunity to explore new markets and expand our range to benefit both new and existing customers," Chief Executive Mark Robertshaw said in a statement.
Morgan Advanced Materials shares were Monday quoted at 346.00 pence, up 0.3%.
By Samuel Agini; [email protected]; @samuelagini
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