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| Saint-Gobain acquires HeidelbergCement's Maxit group French building materials giant Saint-Gobain has announced the acquisition from HeidelbergCement of Maxit group, manufacturer of industrial mortars. Maxit has 5,130 employees and in 2006 reported sales of €1,237 million. With this transaction, Saint-Gobain doubles its size in industrial mortars (which, in 2006, already represented €1 billion in products sold under the Weber trademark) and in particular strengthens its ETICS (External Thermal Insulation Composite System) solutions. Geographical complementarity between Maxit and Weber is excellent: Weber is the market leader in France and in Southern Europe, and very well established in Eastern Europe while Maxit group is a leading player in Germany and in Scandinavia. In addition, the two groups have a joint presence in many emerging countries and in most western European countries. Maxit has 103 industrial units in 30 countries and Weber has 80 industrial units in 27 countries. In addition to manufacturing industrial mortars, Maxit group produces clay-based solutions for draining and insulating foundations, a widely-used technique in Scandinavian countries. The transaction has an enterprise value of €2,125 million (i.e., approximately 11 times Maxit's estimated operating income for 2007 after cost synergies) and is subject to approval by relevant competition authorities. Finalization of the transaction is expected by the fourth quarter of the year. write your comments about the article :: © 2007 Construction News :: home page |