Materials group acquires insulation specialist Izocam as it strengthens position in Turkish market
French material group Saint Gobain has bolstered its Turkish operations with the acquisition of insulation specialist Izocam.
Saint Gobain’s purchase of a majority of the shares of Izocam from Koc Group companies is being made jointly with Kuwait-based Alghanim Industries.
A 50/50 joint venture company will be established with the Alghanim Group, which will initially acquire 61.2% of Izocam's shares currently held by Koc, and then launch a tender offer on the Istanbul stock exchange for the remaining shares as required under Turkish law.
The acquisition boosts the profile of Saint Gobain’s Construction Products Sector in Turkey. The group already has a presence in the region through industrial mortars company Weber Markem and gypsum specialist BPB.