Armacell acquires 100% of the shares of PoliPex Ltda.
Luxembourg, October 12, 2016 – Armacell, a global leader in flexible foam for the equipment insulation market and a leading provider of engineered foams, has acquired 100% of PoliPex, a leading Brazilian manufacturer of extruded PE insulation foams, in a share deal for an undisclosed amount.
This transaction significantly strengthens Armacell´s product portfolio in Latin America and increases the domestic customer service levels, as well as, the support for regional OEMs. With the addition of the PoliPex plant in Florianopolis in Southern Brazil, Armacell is well positioned to further develop its manufacturing footprint in Latin America.
"PoliPex has decades of technology know-how in extruded PE production as well as a strong domestic team. We are looking forward to serving our clients across Latin America with a broader product portfolio and extended customer service levels”, explains Patrick Mathieu, President and CEO of Armacell International S.A.
Historically, PoliPex exhibited solid growth rates and healthy operating margins. The predicted rebound of the Brazilian economy and the overall construction market make PoliPex an attractive investment for us.
PoliPex is a market leader for extruded PE insulation foams in Brazil and has approximately 80 employees. The company was founded by John Johannes van Mullem in 1991 and maintains headquarters in Santa Catarina in the South of Brazil, as well as, distribution centers in the South and the Northeast of the country. In the calendar year 2015 PoliPex generated revenues of approx. R$ 43 million.
- Extension of product portfolio into PE insulation foams
- Increase of regional sales coverage and customer service levels
- Addition of substantial technology know-how in PE insulation foams
- Significant increase of domestic manufacturing footprint