The business is a leading supplier of superior glass wallcoverings in the European markets, including woven as well as nonwoven products.
“This high-quality business fits perfectly with our growth strategy and we look forward to welcoming the JM Glass Textiles team to the Preiss-Daimler family,” said Jürgen Preiss-Daimler, founder and owner of Preiss-Daimler. “Customers can expect continued stable supply from Sweden with innovative products, strong brands and sales and marketing support in the different markets.”
Enno Henze, Senior Vice President of JM’s Engineered Products business, said the Glass Textiles business and its employees have made significant contributions to JM over the years.
“We are confident our employees, customers and suppliers can look forward to an excellent future with the Preiss-Daimler group,” Henze said.
The acquisition is expected to close on Dec. 31, 2014. Terms of the agreement were not released.
The German-based PD group is a conglomerate of international businesses that are engaged with research and development of innovative products in the fields of glass fibers, refractories and environmental services. The Preiss-Daimler group employs 3,700 worldwide, generating a group revenue of $600 million.
About Johns Manville
Johns Manville, a Berkshire Hathaway company (NYSE: BRK.A, BRK.B), is a leading manufacturer and marketer of premium-quality products for building insulation, mechanical insulation, commercial roofing, and roof insulation, as well as fibers and nonwovens for commercial, industrial and residential applications. JM serves markets that include aerospace, automotive and transportation, air handling, appliance, HVAC, pipe and equipment, filtration, waterproofing, building, flooring, interiors and wind energy. In business since 1858, the Denver-based company has annual sales of approximately $2.5 billion and holds leadership positions in all of the key markets that it serves. JM employs approximately 7,000 people and operates manufacturing facilities in North America, Europe and China. Additional information can be found at www.jm.com.