Construction materials manufacturing giant, Saint-Gobain, has signed an agreement to acquire Celotex Group.
Celotex is a British manufacturer of energy efficient PIR thermal insulation board and has been operational for over 30 years.
The £69.7m turnover company has 170 employees and two UK productions sites in Hadleigh, Suffolk.
These assets will now be added to Saint-Gobain’s 16,500 UK employees who work across 1000 sites. These sites span companies from previous acquisitions including gypsum producing BPB Group. BPB Group represents Saint-Gobain’s largest acquisition to date.
Celotex will bring strong R&D capabilities to Saint-Gobain including a £3m distribution and innovation centre. This investment was made recently by Celotex to expand capacity and fulfil growth forecasts.
Celotex will operate as a standalone business with the Saint-Gobain Construction Products Sector maintaining its existing brand and management team.
The amount for which Celotex will be purchased remains undisclosed.