BEWI announces the acquisition of Belgian insulation company Kemisol Group29-10-2021
BEWI announces the acquisition of Belgian insulation company Kemisol Group
With reference to the stock exchange of 23 September 2021, about final negotiations for acquisition of an insulation company in the Benelux region, BEWI today announces that it has entered an agreement to acquire 100 per cent of the Belgian insulation company Kemisol Group (Kemisol).
Kemisol is a family-owned company founded in 1961 primarily operating in the Benelux region. The company is one of the largest producers of expanded polystyrene (EPS) in Belgium, offering a wide range of products. In addition to production of EPS based insulation products, Kemisol distributes other insulation products such as IKO Enertherm, Ursa Foam, Styrisol and Knauf glass wool.
“Through this acquisition, we are strengthening our position in the market for insulation solutions to the building and construction industry in the Benelux region, in line with our strategy,” says Christian Bekken, CEO of BEWI.
Kemisol recorded revenues of EUR 18.1 million for the first half of 2021, an increase of 54 per cent from the EUR 11.8 million recorded for the corresponding period of 2020. The EBITDA came in at EUR 3.8 million for the period, up from 2.0 million for the first half of 2020. For the full year of 2020, Kemisol had revenues of EUR 24.7 million and an EBITDA of EUR 4.5 million.
BEWI will pay the consideration for the shares in cash through available sources.
Closing of the acquisition is conditional upon customary conditions specified in agreement and is expected in November 2021.
Charlotte Knudsen, Director of IR and Communications BEWi ASA, tel: +47 9756 1959
About BEWI ASA
BEWI is an international provider of packaging, components, and insulation solutions. The company’s commitment to sustainability is integrated throughout the value chain, from production of raw materials and end goods, to recycling of used products. With a vision to protect people and goods for a better every day, BEWI is leading the change towards a circular economy.
BEWI ASA is listed at the Oslo Børs under ticker BEWI.
The information is such that BEWI ASA is required to disclose in accordance with the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 19:45 CEST on 29 October 2021.