Company Financial

Armacell acquires OneFlex – a leading Turkish insulation materials manufacturer

• Strengthening of globally leading market position in flexible insulation materials
• Expanding Armacell´s footprint across the growth regions of Middle East, Africa and Southeastern Europe
• Continuous development of internationalisation and growth strategy

Luxembourg, February 2, 2015 – Armacell, a world leader in flexible insulation foams for the equipment insulation market and also a leading provider of engineered foams, has acquired the Turkish insulation materials manufacturer OneFlex (Das Yalıtım Sanayi ve Ticaret Anonim Şirketi).

This acquisition significantly strengthens Armacell’s position in Turkey, where the company previously has been represented by a domestic licensee. It also expands Armacell’s footprint to other countries across the regions of the Middle East, Africa and Southeastern Europe. This investment reflects another step in the consistent delivery of Armacell’s internationalization strategy to maintain its global leadership in the market for flexible insulation materials and engineered foams.

"OneFlex's product range – with its elastomer-based tubes and sheets – fits very well with our portfolio in the Advanced Insulation division and significantly enhances our production capabilities.", explains Patrick Mathieu, CEO of Armacell International S.A. "With this acquisition we demonstrate that Armacell really makes a difference around the world. We will use this excellent basis to further expand our geographic reach in future-target oriented markets. 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, Turkey will serve as a bridgehead to export our flexible insulation materials cost efficiently across the Middle East, Africa and Southeastern Europe.”

OneFlex, which maintains headquarters in Istanbul and its production base in Bursa, specialises in producing and selling insulation for building technology that is based on flexible, closed-cell elastomeric insulation materials. The company has achieved nationwide recognition with its brand under the same name. OneFlex generated revenue of more than 26 million TRY in 2014.
The market for insulation materials in the Middle East, Africa and Southeastern Europe – and in particular in Turkey – is characterised by rising growth rates. Demand in the flexible insulation materials segment, where Armacell and OneFlex maintain strong market positions, is witnessing constant and sustainable growth.