Armacell buys Turkish OneFlex

LUXEMBOURG: Insulation manufacturer Armacell has acquired the Turkish insulation materials manufacturer OneFlex.

Armacell sees the acquisition strengthening its position in Turkey, where the company has previously been represented by a domestic licensee. It also expands Armacell’s footprint to other countries across the regions of the Middle East, Africa and south-eastern Europe.

“OneFlex’s product range – with its elastomer-based tubes and sheets – fits very well with our portfolio in the Advanced Insulation division and significantly enhances our production capabilities,” explained Armacell CEO Patrick Mathieu. “We will use this excellent basis to further expand our geographic reach in future-target oriented markets. OneFlex has a distribution network that is well established across the region, a very professional production platform and an experienced management team.”

OneFlex, which maintains headquarters in Istanbul and its production base in Bursa, specialises in producing and selling insulation for building technology that is based on flexible, closed-cell elastomeric insulation. The company has achieved nationwide recognition with its brand under the same name. OneFlex generated revenue of more than €9.3m in 2014.

The market for insulation materials in the Middle East, Africa and south-eastern Europe – and in particular in Turkey – is characterised by rising growth rates. Demand in the flexible insulation materials segment, where Armacell and OneFlex maintain strong market positions, is witnessing good growth.