Armacell acquires Industrial Thermo Polymers Limited (ITP)
Luxembourg, March 5, 2015 – Armacell, a leader in flexible insulation foams for the equipment insulation market and a leading provider of engineered foams, has signed a purchase agreement for the business of Industrial Thermo Polymers Limited (ITP), a leading manufacturer of extruded polyethylene foam products in North America.
This transaction significantly strengthens Armacell’s market position and footprint in North America – especially in the pipe insulation business. This acquisition reflects another consequent step of Armacell’s internationalization and growth strategy. The closing is expected mid of March.
“All of the product segments that ITP is active in – such as pipe insulation, backer rods and water toys - exhibit strong growth rates. The predicted rebound of the overall US construction market and the strengthening of the US dollar, which both have a significant impact on the company´s sales, make ITP an attractive investment for us", explains Patrick Mathieu, CEO of Armacell International S.A.
ITP possesses decades of technology know-how in the production of extruded polyethylene tubes and profiles. We are looking forward to having such an experienced team on board.
ITP, which was founded in 1980 and maintains headquarters in Ontario, Canada, is a leading manufacturer of extruded polyethylene foam products in North America. Under the brand name Tundra, ITP manufactures products for a broad range of applications, including standard and self-sealing pipe insulation, insulating foam filler and water toys. In 2014, it generated revenue of approx. C$ 30 million.
- Achieving #1 market position in Canada in polyethylene insulation foams
- Strengthening of market position in polyethylene insulation foams in North America
- Expansion into new market segments
- Adding significant technology know-how in polyethylene foams