Owens Corning announced it has signed a purchase agreement to acquire The Modulo™/ParMur Group, a market-leading producer and distributor of manufactured stone veneer in Europe. The acquisition will further the global expansion of the Owens Corning Cultured Stone® business in the European building products market.
The transaction, valued at approximately $32 million (Euro 25.5 million), is expected to close in September.
"We are excited about combining the strength of the Modulo/ParMur brands, reputation for service, distribution and manufacturing network together with Owens Corning's Cultured Stone® business to better meet the needs of our customers worldwide," said Chuck Stein, president, Owens Corning Cultured Stone®. "This acquisition, combined with the recent launch of our new manufactured stone facility in Asia, will serve the continued global growth in the demand for these products, which add warmth, curb appeal and value to the world's homes and businesses."
The Modulo/ParMur Group, based in Bray-sur-Seine, France, designs, manufactures and markets manufactured stone veneer wall and floor products under the Modulo and ParMur brands. Modulo and ParMur are plaster-based interior wall and cement-based exterior wall-cladding products, which are distributed primarily through the Do-It-Yourself (DIY) market in Europe.
In addition to Bray-sur-Seine, the company operates two additional manufacturing sites in Forbach, France, and Turda, Romania. Modulo/ParMur has nearly 150 employees.
"As an industry leader in Europe, it is an incredible opportunity for Modulo/ParMur and its employees to join forces with Owens Corning's market- leading brand of stone in North America," said Christian Roggeman, general manager, The Modulo/ParMur Group. "This will result in product and technology synergies that will add value to our customers around the world." Mr. Roggeman was appointed general manager, Owens Corning Cultured Stone® Europe.
The transaction is subject to the approval of applicable regulatory and judicial authorities.