COPENHAGEN: Danish roofing manufacturer Icopal will be sold to North America’s largest roofing manufacturer GAF for approximately 1 billion euros, the company said Monday.
The deal means GAF and Icopal will now comprise the world’s largest roofing and waterproofing company with 65 manufacturing facilities and 6,500 employees worldwide, and an annual combined turnover of nearly 4 billion U.S. dollars across more than 80 countries.
“GAF’s long tradition of innovation, commitment to top quality and customer focus will complement Icopal’s strengths and values. Our customers will benefit from enhanced scale, greater breadth of products and services, improved product innovation and an unparalleled global distribution network,” said Icopal CEO Miguel Kohlmann in a press statement.
According to Icopal, the acquisition is subject only to regulatory approvals and expected to close in the second quarter of 2016.
Headquartered in Copenhagen, Icopal is a Europe’s leading supplier of roofing and waterproofing solutions and services, and operates 36 manufacturing facilities in Europe and North America.
Founded in 1886, GAF now employs approximately 3,000 employees and operates 29 manufacturing plants.
