This transaction is seen as significantly strengthening Armacell’s market position in North America – especially in the pipe insulation business. The deal, which is expected to be completed this month, follows Armacell’s acquisition of Turkish manufacturer OneFlex in February.
“The predicted rebound of the overall US construction market and the strengthening of the US 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 SA.
ITP was founded in 1980 and is headquartered in Ontario. Under the brand name Tundra, ITP manufactures products for a broad range of applications, including standard and self-sealing pipe insulation, insulating foam filler and water toys. In 2014, it generated revenue of approximately CAD$30m (€22m).