German group Knauf buys mineral wool factory in Romania
Knauf Insulation, part of the German construction materials group Knauf, announced it signed a contract to purchase Gecsat, a glass mineral wool factory in Târnăveni, Mureș county, Profit.ro reported.
The Romanian company reported RON 33 mln revenues and a RON 5 mln (over EUR 1 mln) net profit in 2020.
The acquisition aims to support Knauf Insulation’s deliveries to customers in the ever-growing markets of Romania, Eastern Europe and the Commonwealth of Independent States (CIS). Following the conclusion of the transaction, Knauf Insulation plans to invest in upgrading the production line in Târnăveni to Knauf Insulation standards to produce glass mineral wool with ECOSE® technology.
Gecsat SA is a local producer of glass mineral wool in Romania, with fully private capital, 100% Romanian. The company was founded in 1918 in Târnăveni.