Acquisition of Porextherm Dämmstoffe GmbH heralds further growth for Morgan Advanced Materials
16/06/2014 Morgan Advanced Materials plc
Morgan Advanced Materials plc announces that it has signed an agreement to acquire leading insulation manufacturer Porextherm Dämmstoffe GmbH (Porextherm), adding to its broad portfolio of thermal insulation products and solutions. The agreement was entered into by Morgan Deutschland Holding GmbH, a wholly owned subsidiary of the Company; completion of the acquisition is subject to customary closing conditions, including approval from the German competition authority.Recognised as a technical leader in the production of microporous insulation materials, with sales in 2013 of approximately -‚¬24 million, Porextherm was established in 1989 and since then has developed a wide range of WDS® high-temperature insulation and Vacuum Insulation Panel (VIP) products. Its range includes heat and vacuum sealed products which offer excellent thermal conductivity and are easy to install. Porextherm specialises in developing insulation products with the lowest possible thermal conductivity combined with superior durability and will enhance the Morgan Group's existing high performance insulating systems portfolio.
Porextherm's manufacturing facility in Kempten, Germany, is accredited to ISO 9001 and ISO 14001 standards and benefits from the latest technology to fulfil increasing international demand in markets including automotive and petrochemicals.
Commenting on the acquisition, Mark Robertshaw, CEO Morgan Advanced Materials said: "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".
Peter Stubner, Managing Director of Porextherm Dämmstoffe GmbH added: "We welcome the opportunity to become part of the Morgan Group and the benefits that being part of an international materials technology leader will bring. There will be a smooth transition for our customers and we look forward to a mutually successful future as part of the Morgan Group".
For more information, please visit www.morganadvancedmaterials.com/.
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