The purchase of a majority of the shares of Izocam, from Koç Group companies is being made jointly with Alghanim Industries, a leading industrial group in Kuwait and in the Gulf countries, whose subsidiary Kimmco has been a glass and stone wool Isover licensee for 25 years.A 50/50 joint venture company will be established with the Alghanim Group.The joint venture will initially acquire 61.2% of Izocam’s shares currently held by Koç, and then launch a tender offer on the Istanbul stock exchange for the remaining shares as required under Turkish law.
Izocam has been a licensee of Isover for more than 40 years. As a market leader in insulation in Turkey and the Middle East, Izocam reached sales of approximately 120 million euros in 2005 with a workforce of more than 450 people.
Izocam is the only manufacturer in Turkey operating in all insulation market segments. Izocam produces glass wool, stone wool, but also extruded polystyrene (XPS) and expanded polystyrene (EPS) foams, elastomers and sandwich panels. Izocam has 4 plants, in Tarsus (glass wool), Gebze (stone wool, XPS and EPS foams), Eskisehir (elastomer foams) and Umraniye (sandwich panels).
Through this acquisition, Saint Gobain's Construction Products Sector takes a prominent position in Turkey's very dynamic and fast-growing construction market. Already present in Turkey through Weber Markem (Industrial Mortars) and BPB (Gypsum), Saint-Gobain’s Construction Products Sector plans to give impetus to its growth in Turkey and in neighbouring countries with this operation
This operation is subject to the approval of the Turkish Competition Authority.
With 45,000 employees spread out around the world and 250 consolidated companies, Saint-Gobain’s Construction Products Sector is a leader in all of its activities: insulation (ISOVER), gypsum (BPB), exterior products (CertainTeed), industrial mortars (Weber) and pipe (PAM). In 2005, annual sales (proforma BPB) totaled 10 billion euros representing 26% of Saint-Gobain’s total sales.