Firestone Building Products Announces Global Expansion Company Agrees To Acquire Terrassa, Spain-based Company
INDIANAPOLIS, Dec. 3, 2013 /PRNewswire/ -- Firestone Building Products Company, LLC (Firestone) today announced that it has agreed to acquire the manufacturing assets and brands of Terrassa, Spain-based Giscosa and Giscolene®. The acquisition of the Giscosa Ethylene Propylene Diene Monomer (EPDM) plant near Barcelona expands Firestone's global manufacturing and distribution capabilities and product offering, and represents the company's first overseas manufacturing facility. Financial details of the transaction are not being made available. The acquisition is expected to be completed by the end of this year.
"Expanding Firestone's manufacturing capacity overseas is part of our strategy to position the company to better serve the needs of our European and global customers," said Tim Dunn, President of Firestone Building Products. "We are excited about the opportunities that the acquisition of Giscosa and Giscolene will bring to our business."
Giscosa and Giscolene®, as well as products Giscotherm, Dipoflex and BTS, are building envelope products used in roofing, walls and facades, and waterproofing applications, as well as lining products used in geomembrane and lining applications. In addition to increasing Firestone's sales in these core roofing and lining businesses, the acquisition provides Firestone with additional capabilities and products, including the manufacture of EPDM for use around windows and other building openings, as well as clean sheets, thinner gauge sheets and different width sheets.
"The acquisition of the manufacturing facility and Giscosa and Giscolene brands aligns with Firestone's global business strategy by broadening our product and services platform and distribution channels," said John Vasuta, Vice President and Managing Director, International Operations, Firestone. "We could not have found a better company, facility or portfolio of products to help us grow in the global marketplace."
A family-owned business, Giscosa's sister company Rollgum is not included in the acquisition. A long-time distributor of Firestone's roofing products in Spain and Portugal, Rollgum will remain a strong distribution partner of Firestone and Giscosa in Spain and Portugal under the continued leadership of the Palou family team.
"Our forty years of membrane sales in Spain and the market Firestone has built is due in good part to our loyal partnership and relationships with the Palou family and their dedicated team," said Michel De Knop, Managing Director, European Operations, Firestone. "We look forward to increasing our global customer base and continuing our collective tradition of producing and distributing the highest quality EPDM and TPO roofing products and lining applications globally."
Current Managing Director Joan Palou Moreno will continue to manage the Giscosa business, including the facility operations. Giscosa employees will be offered employment contracts with Firestone Building Products.
"This is a great opportunity for everyone at Giscosa," said Mr. Palou. "Not only will we continue to manufacture our current products, but we also will have the resources of a vast global company, a leader in the roofing and lining markets and long-time valued business partner. We are excited about the future."
About Firestone Building Products Company, LLC
Firestone Building Products Company, LLC is a leading manufacturer and supplier of a comprehensive "Roots to Rooftops" portfolio of products for commercial building performance solutions. By taking the entire building envelope into consideration, Firestone Building Products meets individual customer and project needs for roofing, wall, landscape and lining solutions. Headquartered in Indianapolis, Ind., the company also offers outstanding technical services, an international network of roofing contractors, distributors and field sales representatives, and superior warranty protection. Products include: commercial roofing systems, roofing accessories, green roofing systems, photovoltaic and daylighting systems, vegetative roofing systems, metal wall panels, insulation, cavity wall construction, pond liners and geomembranes.
SOURCE Firestone Building Products Company, LLC