Saint-Gobain: about to sell UK business
(CercleFinance.com) - Saint-Gobain announces that it has reached an agreement with Soprema to sell a majority stake in its polyisocyanurate (PIR) foam insulation business, operating in the UK under the Celotex brand.
It says that this transaction enables the French group to further optimise its business portfolio and focus its efforts on how best to serve its customers. Celotex operates two production plants and employs 155 people.
The transaction is expected to close in early 2024. Celotex's assets will then be transferred to a new separate company, which is 75%-owned by Soprema. Saint-Gobain will retain the remaining 25% for the time needed to ensure a smooth transition.
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