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NEWS NEWS NEWS
Armacell continues togrow
As aworld leadingmanufacturer of flexible insulationmaterial for the equipment insulationmarket and a
leading provider of engineered foams Armacell is pressing aheadwith its internationalization strategy. In
recentmonths the companyhasmade twokeyacquisitions.
Acquisitionof thebusinessof ITP,
aCanadianpolyethylene insulation
manufacturer
With theacquisitionof thebusinessof Industrial ThermoPolymersLimited (ITP), a leadingCanadianmanufac-
turer of extrudedpolyethylene foamproducts, Armacell is significantly strengthening itsmarket position and
footprint inNorthAmerica. Thecombinationcreatesa leadingmanufacturerofpolyethylene insulation foams
on theNorthAmerican continent. “All of theproduct segments that ITP is active in – such as pipe insulation,
backer rodsandwater toys–exhibit stronggrowth rates. Thepredicted reboundof theoverallUSconstruction
market and the strengthening of theUS dollar, whichbothhave a significant impact on the company’s sales,
make ITP an attractive investment for us,” explains PatrickMathieu, CEO of Armacell International S.A.. The
Brampton facility will be the base for future investment inmanufacturing polyethylene terephthalate (PET)
foam inNorthAmerica.
ITPwas founded in1980 and is headquartered inOntario, Canada. In2014, the company generated revenue
of around30millionCanadiandollars.
Ontario (Canada)
Acquisitionof Turkish insulationmaterials
manufacturerOneFlex
InFebruary this year, Armacell acquired theTurkish insulationmaterials
manufacturer OneFlex (Das Yalıtım Sanayi ve Ticaret Anonim Şirketi).
This acquisition strengthens the company’s position in Turkey, where
Armacell was previously represented by a licensee. “OneFlex’s product
rangewith its elastomer-based tubes and sheets fits verywell withour
portfolio in theAdvanced Insulationdivision and significantly enhances
our production capabilities,” explains PatrickMathieu, CEOof Armacell
International S.A.. “This investment provides an excellent basis for fur-
NEWS
Bursa (Turkey)
ther extendingour geographic reach in future-oriented targetmarkets.
OneFlex has a distribution network that is well established across the
region, a very professional production platform and an experienced
management team. In the future, Turkeywill serve as a bridgehead to
exportour flexible insulationmaterialscostefficientlyacross theMiddle
East, AfricaandSouth-EasternEurope.”
OneFlex,whichhas itsheadquarters in Istanbul andproduction facilities
inBursa, generated revenueofmore than26millionTurkish lira in2014.
OneFlexhas itsheadquarters inCapital Tower in Istanbul andproduces inBursa close to theMarmaraSea
