A US-based giant manufacturer of insulating, roofing, and composite materials Owens Corning closed an acquisition deal to buy Paroc Group.
Julian Francis, president of Owens Corning’s Insulation Business commented: “We’ve had a strategic goal to broaden our product portfolio and diversify our geographic scope to better address our customers’ needs and support their growth. The acquisition of Paroc does both. We now have a leading position in Europe and in the global mineral wool business.”
Paroc is a leading European manufacturer of high-performance mineral wool insulation solutions for a variety of end markets:
- building insulation for thermal, fire and acoustic applications in residential and commercial construction.
- technical insulation for HVAC systems;
- insulating materials for industrial processes, marine, offshore power systems.
The company has operations in 13 countries, including manufacturing facilities in Finland, Lithuania, Poland, Russia, and Sweden. They sell products to over 40 countries worldwide.
It is 80-year-old giant Owens Corning that managed to acquire such a large company. Founded in 1935, the corporation is committed to the innovations that the composite industry offers, expanding and improving the product range. This fact allows it to have been on the list of the largest United States corporations, Fortune 500, for 63 consecutive years.
Owens Corning takes part in the most advanced products. For instance, it delivered mineral fibers for the robotic arm for 3D basalt fiber printing startup Atropos that is the winner of JEC innovation Award 2017 and a finalist of James Dyson Award 2017.
According to Zion Market Research, the mineral wool market will reach $15 billion in 2022. Owens Corning was mentioned as a key market player in this report and now its pie will increase significantly.