Compagnie de Saint-Gobain
06 September 2006
press release
September 6, 2006
Saint-Gobain's Construction Products Sector
gives impetus to its expansion in Turkey
Saint-Gobain's Construction Products Sector is consolidating its position in
Turkey through the acquisition of Izocam, the leading Turkish name in
insulation.
The purchase of a majority of the shares of Izocam, from Koc Group companies is
being made jointly with Alghanim Industries, a leading industrial group in
Kuwait and in the Gulf countries, whose subsidiary Kimmco has been a glass and
stone wool Isover licensee for 25 years.
A 50/50 joint venture company will be established with the Alghanim Group. The
joint venture will initially acquire 61.2% of Izocam's shares currently held by
Koc, and then launch a tender offer on the Istanbul stock exchange for the
remaining shares as required under Turkish law.
Izocam has been a licensee of Isover for more than 40 years. As a market leader
in insulation in Turkey and the Middle East, Izocam reached sales of
approximately 120 million euros in 2005 with a workforce of more than 450
people.
Izocam is the only manufacturer in Turkey operating in all insulation market
segments. Izocam produces glass wool, stone wool, but also extruded polystyrene
(XPS) and expanded polystyrene (EPS) foams, elastomers and sandwich panels.
Izocam has 4 plants, in Tarsus (glass wool), Gebze (stone wool, XPS and EPS
foams), Eskisehir (elastomer foams) and Umraniye (sandwich panels).
Through this acquisition, Saint Gobain's Construction Products Sector takes a
prominent position in Turkey's very dynamic and fast-growing construction
market. Already present in Turkey through Weber Markem (Industrial Mortars) and
BPB (Gypsum), Saint-Gobain's Construction Products Sector plans to give impetus
to its growth in Turkey and in neighbouring countries with this operation
This operation is subject to the approval of the Turkish Competition Authority.
With 45,000 employees spread out around the world and 250 consolidated
companies, Saint-Gobain's Construction Products Sector is a leader in all of its
activities: insulation (ISOVER), gypsum (BPB), exterior products (CertainTeed),
industrial mortars (Weber) and pipe (PAM). In 2005, annual sales (proforma BPB)
totaled 10 billion euros representing 26% of Saint-Gobain's total sales.
Investor Relations Department
Mrs Florence TRIOU-TEIXEIRA Tel.: +33 1 47 62 45 19
Mr Alexandre ETUY Tel.: +33 1 47 62 37 15
Fax.: +33 1 47 62 50 62
This information is provided by RNS
The company news service from the London Stock Exchange
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