The HIRSCH Servo Group and BEWiSynbra Group have signed an agreement to acquire six EPS insulation production facilities in France and 49.9% of the shares in Isossol SAS. The acquisition will strengthen their position in the EPS industry in Europe and is expected to be completed by the end of the year.
The Austrian HIRSCH Servo Group is expanding its EPS insulation division and, together with the BEWiSynbra Group, both leading European companies in the EPS industry, has now signed an agreement for the acquisition of six EPS insulation production facilities in France and 49.9% of the shares in French Isossol SAS from Placoplatre S.A.. The acquisition is expected to be completed by the end of the year. The acquisition will take place through a newly established French company, HIRSCH France SAS, 66% of which is held by HIRSCH and 34% by BEWiSynbra.
"With these acquisitions, we are continuously expanding the successful cooperation between BEWiSynbra and HIRSCH, which began in May 2018, and strengthening the position of the HIRSCH Servo Group as the leading EPS processor in Europe," says HIRSCH Servo CEO Harald Kogler. "The market for insulating materials in France is developing well, and with these six locations, we will be one of the market leaders for EPS insulating materials in France in the future. Furthermore, we expect positive synergy effects for our group of companies in the medium term due to our geographical positioning in combination with our experienced employees," says Kogler.
The transactions are subject to regulatory approval and are expected to close in the fourth quarter of 2019.
With the new six insulation production facilities in France and the existing 20 production sites in Austria, Germany, Hungary, Poland, Romania, Slovakia and the Ukraine, HIRSCH will employ around 1,500 people in the future.