Hanson acquires Thermalite from Etex Group
HANSON plc have acquired Thermalite, the UK manufacturer and supplier of aircrete lightweight concrete blocks, from Etex Group S.A. for a cash consideration of around £120 million.
Thermalite are the UK market leaders in aircrete blocks with production facilities located in Newbury, West Thurrock and Sutton Coldfield supported by two distribution centres and a sales office. The company employs approximately 390 people and annual production exceeds one million cubic metres of aircrete blocks. In the year to 31 December 2004 Thermalite generated EBITDA of £17.7 million.
Thermalite will be integrated into Hanson Building Products UK, significantly expanding Hanson’s concrete products range following the recent expansion of the company’s brick operations through the £65 million acquisition of Marshalls Clay Products in January 2005. The integration of Thermalite will also create opportunities over time to further enhance earnings through operational savings.
David Szymanski, managing director of Hanson Building Products UK, described Thermalite as ‘a natural fit’ with Hanson’s existing block operations and said the company looked forward to opportunities to develop additional production capacity in the UK market.
Commenting on the acquisition, Alan Murray, chief executive of Hanson plc, said: ‘This acquisition is consistent with our successful strategy of growth through bolt-ons and further enhances our position in one of our core markets. We will continue to pursue further value-adding acquisition opportunities.’
