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2 Mar 2012 07:00
Low & Bonar PLC
Acquisition
Low & Bonar PLC (the "Group"), the international performance materials group, announces that it has purchased the business of Xeroflor International GmbH ("Xeroflor") from Mr Wolfgang Behrens for €5,950,000 in cash.
Xeroflor is an innovative business with a strong position in the fast growing green roofing market, based in Germany. Its core activity is in the design and supply of value-added pre-vegetated mats used in green roof construction in both new and refurbished buildings. These solutions are supported by patents which Xeroflor licenses to regionally based growers. Xeroflor also supplies other key functional components in green roofing systems to a network of customers globally. High profile examples of Xeroflor roofs are at the Vancouver Convention Centre in Canada, the Ford Motor Company's truck assembly plant in Michigan, the Aldi logistics centre in St. Augustin, Germany and the Kastrup power plant in Denmark.
The Group, through its Colbond business, sells a range of components to the green roofing market which are complementary to Xeroflor's designs. The acquisition will significantly improve the Group's access to an attractive niche in the building products market and the combination of Xeroflor's considerable expertise and the Group's scale and reach will support an exciting next phase in the expansion of Xeroflor's business.
Commenting on the acquisition, Steve Good, Group Chief Executive, said:
"Xeroflor is a strong brand with a leading position in the high growth green roofing market. The acquisition is a great fit with our existing business and we are excited about its prospects as regulators, architects and consumers increasingly demand sustainable solutions in all aspects of construction".
2 March 2012
For further information, please contact:
Low & Bonar PLCSteve Good, Group Chief ExecutiveMike Holt, Group Finance Director | 020 7535 3180 |
College HillMatt Smallwood/ Mike Davies / Helen Tarbet | 020 7457 2020 |
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