Armacell, a provider of flexible insulation foams for the equipment insulation market and a provider of engineered foams, has signed a purchase agreement for the business of Industrial Thermo Polymers Ltd. (ITP), a manufacturer of extruded polyethylene foam products. This transaction strengthens Armacell’s market position and footprint in North America—especially in the pipe insulation business. This acquisition reflects another step in the continuation of Armacell’s internationalization and growth strategy. Furthermore, it firmly establishes Armacell in the new market segments of water toys and backer rods.
“All of the product segments that ITP is active in—such as pipe insulation, backer rods and water toys—exhibit strong growth rates. The predicted rebound of the overall U.S. construction market and the strengthening of the U.S. dollar, which have a significant impact on the company’s sales, make ITP an attractive investment for us,” explains Patrick Mathieu, CEO of Armacell International S.A. “ITP possesses decades of technology know-how in the production of extruded polyethylene tubes and profiles. We are looking forward to having such an experienced team on board.”
“In Armacell, ITP has found a successor with a global growth strategy, where it can leverage the production capabilities, specifically polyethylene extrusion, and know-how developed at ITP during the past 35 years,” says Steve Hartman, president of Industrial Thermo Polymers Ltd. “ITP also offers Armacell a strategic foothold in the Canadian marketplace. I am excited and confident that it will build on what we have created and be a great home for our people.”