Armacell has acquired Industrial Thermo Polymers Limited (ITP), a manufacturer of extruded polyethylene foam products in North America. The company says the transaction will significantly strengthen Armacell’s market position and footprint in North America, especially in the pipe insulation business.
“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 both have a significant impact on the company´s sales, make ITP an attractive investment for us", said 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.”