United States. Armacell signed a purchase agreement for the business of Industrial Thermo Polymers Limited (ITP), a manufacturer of extruded polyethylene foam products in North America. With this transaction, Armacell expects to strengthen its position and market in North American territory, especially in the pipe insulation business.
The negotiation is expected to conclude in mid-March.
"All product segments in which ITP is active – such as pipe insulation, backing rods and water toys – exhibit strong growth rates. The expected rebound of the global U.S. construction market and the strengthening of the U.S. dollar both have a significant impact on the companies' sales, making the ITP an attractive investment for us," explained Patrick Mathieu, Managing Director of Armacell International SA"ITP possesses decades of technological know-how in the production of extruded polyethylene pipes and profiles. We are looking forward to having an experienced team on board."
"ITP has found in Armacell a successor with a global growth strategy, where it can leverage production capabilities, specifically in polyethylene extrusion, and know-how developed at ITP over the past 35 years," says Steve Hartman, President of Industrial Thermo Polymers Ltd. "ITP also offers Armacell a strategic foothold in the Canadian market. I'm very excited and confident that it will build on what we have created and will be a great home for our people."
