In another step towards raising its international profile, Armacell (Luxembourg; www.armacell.com) has acquired Canadian extruded PE foam products manufacturer Industrial Thermo Polymers Limited (ITP, Brampton, Ontario; www.tundrafoam.com). Financial details of the deal, which is expected to close in mid-March, were not disclosed. The purchase “significantly strengthens” Armacell’s market position and footprint in North America, the flexible insulation foams and engineering foams specialist said.

“All of the product segments that ITP is active in – such as pipe insulation, backer rods and water toys – exhibit strong growth rates," Armacell International CEO Patrick Mathieu said, adding that, “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." Driven by the widely anticipated rebound in the construction industry, US demand for pipe is expected to grow by 7.8% to USD 57.3 bn in 2018, a recent study by Freedonia (Cleveland, Ohio / USA; www.freedonia.com) has found – see Plasteurope.com of 15.08.2014.

Founded in 1980, ITP is one of North America’s leading extruded polyethylene foam producers. Its portfolio is sold under the “Tundra” brand name and includes products for standard and self-sealing pipe insulation, insulating foam fillers as well as water toys. The company posted revenues of about CAD 30m (about EUR 22m) in 2014.

This is Armacell’s second acquisition this year. In early February, the group purchased Turkish insulation materials provider OneFlex (Istanbul; www.oneflex.com.tr) – see Plasteurope.com of 09.02.2015.