Back

IZO-BLOCK has signed a contract with the SSW Industries Fund

The Board of IZO-BLOK S.A. signed a contract with SSW Industries for the acquisition of 100% shares in the German company SSW PearlFoam GmbH. The transaction amount will equal EUR 21.5 million.

The acquisition value of shares at SSW PearlFoam is EUR 21.5 million. The purchase of the German company will probably be financed from two sources: a bank credit and issue of shares. The parties of the transaction have granted mutual bank guarantees regarding securing liability and payment.

The acquisition of SSW PearlFoam brings undeniable and absolute synergies in the technological, logistic and sales areas. This will strengthen our position both on the European as well as global market. Today we have closed an important stage in the development of our Company. – says Przemysław Skrzydlak, CEO of IZO-BLOK S.A.

SSW Industries granted IZO-BLOK the right to fully and solely use the name SSW PearlFoam for a period of at least 12 months. The transaction will be considered closed and IZO-BLOK will take over all rights to the German entity after payment of the share acquisition price.

The remaining details of the transaction, pertaining to conditions of renouncing the contract and contractual penalties, have been described in RB 5/2016.