Courbevoie, France -- Saint-Gobain has announced its involvement in a takeover of Turkish insulation manufacturer Izocam.
The French diversified industrial firm has formed a 50/50 joint venture with Kuwait's Alghanim Industries to acquire 61.2 percent of Izocam from Koc Group.
The joint venture will then launch a tender offer on the Istanbul stock exchange for the remaining shares.
Izocam manufactures elastomer foams, sandwich panels and expanded polystyrene foams (EPS), as well as extruded polystyrene (XPS), glass wool and stone wool.
The acquisition is subject to the approval of the Turkish Competition Authority.