Saint-Gobain Isover is the majority shareholder of the joint-venture.
Fiberglass Colombia, whose sales amounted to 56 billion Colombian pesos (around €20m) in 2007, has been manufacturing glass wool for the building and industrial markets as well as waterproofing membranes in Colombia since the early 1960’s. It also resells plaster and plasterboard products in Venezuela. It employs 255 employees divided between 2 industrial units and produces 10,000 tons of glass wool. A sales outlet is currently operating in Venezuela.
Colombia benefits from the high growth of the building market, and particularly of the insulation market, thanks to a growing demand for thermal and acoustic insulation (particularly for the insulation of air-conditioned premises). This acquisition will enable Saint-Gobain Isover, which is already established in Brazil and Argentina, to enter growing Latin American markets on which it is not present yet.
The completion of this transaction is subject to the agreement of the Colombian competition authorities.