The acquisition builds on the productive and successful relationship that has existed between the two companies since ROCKWOOL acquired a minority stake in Flumroc’s shares in 1969 as part of technology licensing agreement. Since then, ROCKWOOL has obtained 43.5 percent of Flumroc shares.
Based in Flums, Switzerland, privately-held Flumroc employs about 230 people and is present in all regions of the country. With annual revenue of approximately CHF 67 million, Flumroc’s sales are primarily in Switzerland, with limited exports to France and Italy.
ROCKWOOL and Flumroc share strong commitments to outstanding quality, excellent customer service, environmental responsibility, and highly efficient manufacturing processes. ROCKWOOL Group CEO Jens Birgersson comments, “Our two companies have been close partners for almost 50 years. We look forward to working even more closely with our skilled colleagues who have been part of the strong Flumroc team and to further strengthening the Flumroc brand in Switzerland”.
Vice Chairman of the Flumroc Board of Directors, Philip Baumgartner elaborates, “With the forthcoming generational change in the founding family, we are grateful to have found a good solution with ROCKWOOL to ensure long-term growth and prosperity for Flumroc”.
The share purchase agreement takes immediate effect upon signature today, 17 November 2017. As agreed between the parties, the purchase price will not be disclosed.