BEWiSynbra Group, one of the leading integrated producers of expandable polystyrene (EPS) in Europe and HIRSCH Servo Group (“HIRSCH”) today announced that the two companies have entered into an agreement to acquire six EPS insulation production sites in France and 49.9 per cent of the shares in the French company Isossol SAS from Placoplatre S.A, a subsidiary of Saint-Gobain. The acquisitions are done through a newly incorporated French company, HIRSCH France SAS, owned 66 per cent by HIRSCH and 34 per cent by BEWiSynbra.
The acquisitions continue to build on the successful cooperation between BEWiSynbra and HIRSCH and further strengthens BEWiSynbra Group’s position as a leading producer of EPS in Europe. The cooperation between the two companies was initiated with the sale of 66 per cent of the shares in Synbra’s subsidiary IsoBouw GmbH to HIRSCH and the simultaneous acquisition by BEWiSynbra of 34 per cent of the shares in HIRSCH’s subsidiary HIRSCH Porozell GmbH in May 2018.
Completion of the transactions are subject to customary conditions, including regulatory approval, and is expected to take place by the end of 2019.