Morgan Advanced Materials subsidiary to acquire insulation manufacturer

9th Jun 2014 12:51

Morgan Advanced Materials on Monday said its German subsidiary, Morgan Deutschland Holding, has agreed to acquire insulation manufacturer Porextherm Dämmstoffe GmbH. The FTSE 250-listed global materials engineering company said the addition will enhance its existing insulating systems portfolio. Porextherm, which in 2013 generated sales of around €24m, develops a range of high-temperature insulation and Vacuum Insulation Panel (VIP) products.Mark Robertshaw, the Chief Executive of Morgan Advanced, said: "The addition of Porextherm to the Morgan Group enhances our existing portfolio of high-performance insulating systems, and also gives us the chance to share knowledge and processes which will lead to future product development. "In line with our strategic priorities, the acquisition brings with it the opportunity to explore new markets and expand our range to benefit both new and existing customers".The share price had risen 0.38% to 346.30p by 13:13.NR