Saint-Gobain To Sell Majority Stake In PIR Insulation Activity In The U.K. - Quick Facts

(RTTNews) - Saint-Gobain has agreed with SOPREMA for the sale of a majority stake in its polyisocyanurate insulation or PIR activity in the United Kingdom under the Celotex brand. Celotex's assets will be transferred to a new standalone company, which will be 75% owned by SOPREMA once the transaction is complete. Saint-Gobain will retain a 25% minority stake in the new company for the time needed to ensure a smooth transition.

Saint-Gobain said the sale is part of its continued business profile optimization strategy, in line with the "Grow & Impact" strategic plan.

Celotex operates two manufacturing facilities in Hadleigh, Suffolk and Eggborough, Yorkshire.