May 22 2013 Latest news:
By Duncan Brodie
Wednesday, June 13, 2012
FAST-growing Suffolk-based insulation board manufacturer Celotex is to be acquired for an undisclosed multi-million pound sum by the French building materials giant Saint-Gobain.
Celotex, which is based on the Lady Lane Industrial Estate in Hadleigh and has a workforce of around 170, is currently owned by private equity group AAC Capital Partners which backed a £21million management buy-out in 2004.
The company, a UK market leader in PIR (Polyisocyanurate) insulation board, has grown rapidly in recent years, including the recent opening of a £3million distribution and innovation centre across the road from its twin production line manufacturing facility.
It generated turnover of £69.7m in its last full year, to August 2011, and in on track for a record profit this year.
Saint-Gobain, which had sales of 42.1billion euros (about £35bn) last year and has nearly 195,000 employees, is already involved in the UK insulation market with its Isover brand but has no current involvement with PIR technology.
It said Celotex would continue to operate under its current brand name, with the existing management team remaining in place. The deal is subject to approval by the Office of Fair Trading.
Celotex chief executive Richard Pemberton said the sale was good news for the company and its staff.
“It offers opportunities for the business to grow, opportunities for career development for people within the business who are looking for that and it offers security for people who want to stay in Hadleigh,” he added.