By David Sachs

 

Saint-Gobain said it would sell a majority stake in its U.K. foam insulation business to Soprema as part of its disposal plan.

The French construction supplier said late Wednesday that Celotex's assets will be transferred to a new standalone company, which will be 75% owned by Soprema, a private French waterproofing and insulation firm. Saint-Gobain will retain a 25% minority stake, it said.

The move is part of Saint-Gobain's streamlining strategy, which includes asset-disposals.

Celotex has two manufacturing facilities in the U.K. and employs 155 people, Saint-Gobain said. The transaction is expected to close early next year.

Financial details were not disclosed.

 

Write to David Sachs at david.sachs@wsj.com

 

(END) Dow Jones Newswires

December 07, 2023 01:48 ET (06:48 GMT)

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