Brussels — Belgium's Recticel is making a strategically important move into central Europe, with a preliminary agreement to buy the PIR insulation board business of private Polish company Gor-Stal.
Recticel will pay EUR30m, with EUR27.25m paid at closing, with the balance paid in two equal parts in 2022 and 2023. The deal is expected to close in July 2021, subject to due diligence.
Gor-Stal started its PR insulation board business in Bochnia in 2015, with a focus on high-value-added PIR thermal insulation boards for the construction sector.
In 2020, the plant employed 66 people, generated EUR16.7m in sales and EBITDA of EUR2.5m at 40% capacity utilisation.
The deal will enable Recticel to expand into Central and Eastern European markets where it was not previously present.