The Kuwait-based Alghanim Industries, together with Saint-Gobain, is acquiring Izocam, a leading Turkish company in the insulation products sector.

The purchase of Izocam, from the Koç Group, is being made jointly with Saint-Gobain Isover, a leading French construction products manufacturer.
Alghanim Industries and Saint-Gobain will, on a 50/50 basis, acquire 61.2 per cent of Izocam’s shares currently held by the Koç Group, and then launch a tender offer on the Istanbul Stock Exchange for the remaining shares of Izocam as required under Turkish law.
Izocam has been a licensee of Saint-Gobain for more than 40 years. As a market leader in insulation in Turkey and parts of the Middle East, Izocam had sales of approximately 120 million euros ($152.8 million) last year with a workforce of approximately 450.
Kimmco, a subsidiary of Alghanim Industries, and a market leader in insulation products in the Middle East, has been a glass-wool licensee of Saint-Gobain in the Gulf countries for more than 25 years.
Izocam is the only manufacturer in Turkey operating in all insulation market segments. Izocam produces glass-wool, stone wool, extruded polystyrene (XPS) and expanded polystyrene (EPS) foams, elastomers and sandwich panels. Izocam has four plants in Turkey in Tarsus, Gebze, Eskisehir and Umraniye.
Through this acquisition, Alghanim Industries and Saint Gobain will take a prominent position in Turkey’s construction market. “This joint venture demonstrates our commitment in fulfilling our company’s vision and becoming the most successful company in the region,” said Kutayba Yusuf Ahmed Alghanim, chairman of Alghanim Industries.