Morgan Advanced Materials plc Acquires Porextherm Dämmstoffe GmbH
Morgan Advanced Materials plc (LSE: MGAM) has announced the completion of its acquisition of Germany-based Porextherm Dämmstoffe GmbH (Porextherm), further strengthening its world-leading presence in global high temperature insulation products.
Porextherm was established in 1989 and since then has developed a wide range of WDS® high-temperature insulation and Vacuum Insulation Panel (VIP) products, establishing it as a technical leader in the production of microporous insulation materials. The company will become part of Morgan's Thermal Ceramics business and the Porextherm brand name will be retained.
The acquisition further strengthens Morgan's position as a global leader in microporous insulation. Porextherm's facility in Kempten, Germany, will complement Morgan's existing manufacturing operations at Elkhart in the USA and Daegu in South Korea and will enable the Group to fulfil growing demand in markets such as automotive and petrochemicals. Specifically, it allows Morgan to leverage Porextherm's distinctive competences and expertise in three key areas - speciality encapsulation technology, speciality near-net-shape technology, and best-in-class industrial insulation technology - enhancing the Group's offering in thermal insulation solutions for demanding applications across a broad spectrum of industry sectors.
As part of the wider Morgan organisation, Porextherm will benefit from access to global sales, marketing, research & development, engineering and manufacturing facilities and knowledge, providing an ability to enter and establish itself in a number of new markets.
Mark Robertshaw, CEO of Morgan Advanced Materials, said: "The synergies between the two organisations are clear enabling both Morgan and Porextherm to expand their offerings substantially to both new and existing customers. In particular we have already identified exciting new opportunities in a range of markets including commercial fire protection, aerospace and automotive- demonstrating clearly the versatility and capabilities of the WDS® and Vacupor product ranges."
Peter Stubner, Managing Director of Porextherm Dämmstoffe GmbH, added: "Customer feedback on the acquisition has been overwhelmingly positive as we are now able to draw on the resources of a global materials leader which will enable us to offer an even greater range of products backed by global research & development and technical support . We see the acquisition as key in expanding our footprint in existing target sectors and entering new and exciting markets."