IKO Industries Ltd. Acquires Stake in Metrotile Europe NV

ANTWERP, BELGIUM, Jan. 12 /PRNewswire/ - Leading roofing and waterproofing supplies producer IKO Industries Ltd. announced today its purchase of a significant stake in Metrotile Europe NV.  The two companies reached an agreement on the sale of a significant share of Metrotile Europe just prior to the end of 2010.

IKO, the Canadian based manufacturer of residential and commercial roofing products, entered the European market in 1972, when it constructed a shingle manufacturing plant in Ham, Belgium.  The company and its affiliated businesses now own and operate facilities in 10 countries throughout Europe. 

"We're very pleased to have reached this agreement with Metrotile Europe NV," said Hartley Koschitzky, head of IKO's European Operations.  "Like IKO, Metrotile Europe has been an innovator in its market from the start, and shares our commitment to producing quality products for its customers around the world.  We feel this deal will bring tremendous benefits for both companies."

Metrotile's line of granule coated steel roofing products provides IKO with an entry into a segment of the market not previously served by IKO's asphalt roofing shingles.  Although IKO offers a variety of roofing and waterproofing solutions, the deal with Metrotile represents the company's first entry into steel roofing systems. 

IKO indicates that there are no plans to become directly involved in the oversight of Metrotile Europe NV operations, which will remain under the stewardship of its current management team. 

Metrotile Europe NV was founded in 1997 by Sergio Canini in partnership with Metrotile New Zealand, whose business dates back more than 60 years. 

IKO Industries Ltd. is a global leader in the manufacture and supply of commercial and residential roofing products.  Founded in Calgary, Alberta, in 1951, the family owned business has grown to include more than 20 manufacturing plants and 3000 employees worldwide.

SOURCE IKO Industries