Brussels, Belgium – Recticel is to acquire Rex Panels & Profiles. Rex, based in Tournai, Belgium, produces both PIR and mineral wool insulated panels for the construction sector. The deal has an enterprise value of €70m, based on the market value of the production assets, including a newly constructed facility due to begin operations in the first quarter of 2024.
Rex has a manufacturing capacity of more than 4m m2, which is currently 50% utilised. The site also has room for further expansion, Recticel said.
The deal follows on from Recticel’s purchase of mineral wool panel maker Trimo in April 2022. The company said it will enable it to double its production capacity, while expanding its market to PIR panels.
“The acquisition of Rex strengthens Recticel’s core purpose to become a leader in high-end sustainable construction through smart insulation solutions,” said Recticel CEO Jan Vergote.