Paroc deal reached at EUR 900 million
Finland-based Paroc Group is set to be acquired by Fortune 500 company Owens Corning, from its current owner CVC Capital Partners, for an enterprise value of approximately 900 million euros.
Headquartered in Helsinki, Paroc Group is one of Europe’s leading manufacturers of energy-efficient insulation solutions. It employs more than 1 800 people in 13 countries, and operates facilities in Finland, Lithuania, Poland, Russia and Sweden.
The acquisition will strengthen Owen Corning’s technology offering and secure its footing on the European insulation market, while Paroc Group is set to expand deeper into the region.
“We have built a company with a leading market position in Europe, offering attractive value propositions to our customers and employees,” comments Kari Lehtinen, CEO of Paroc. “Owens Corning will help us to expand further in the Central and Western European markets, using our current solid base as the platform for growth.”
The final transaction is still subject to regulatory approvals and other customary closing conditions, and is expected to close in early 2018.