EC Approves TeraSteel & Wetterbest Takeover by Kingspan

The European Commission approved the sale of TeraSteel and Wetterbest to Ireland based Kingspan Group on January 12. The TeraPlast Group has been
EC Approves TeraSteel & Wetterbest Takeover by Kingspan
KingspanKingspan

The European Commission approved the sale of TeraSteel and Wetterbest to Ireland based Kingspan Group on January 12. The TeraPlast Group has been informed of the approval notice by the advisors that managed the notification process. For the closing, the approval from the Serbian Commission for the Protection of Competition needs to be received too. The Group estimates to receive it mid-February. After receiving the approval from the Serbian authorities, the transaction’s initial consideration shall be determined and paid.

On July 24, 2020, TeraPlast Group, controlled by Romanian investor Mr Dorel Goia, announced the sale of the Steel division to Kingspan Group for EUR 85 million. The Steel division is comprised of the business lines operated by TeraSteel SA in Romania, TeraSteel DOO in Serbia and Wetterbest SA in Romania.

TeraSteel is the leader of the Romanian sandwich panels market and, together with TeraSteel Serbia, is one of the top exporters on the Central and Eastern European market. Wetterbest holds the second position on the metallic roof tiles market in Romania.

Kingspan Group is a building materials company based in Ireland trading in 70 countries with 159 factories, which employs over 15,000 people. The company is listed on Euronext Dublin and the London Stock Exchange. Kingspan is already present in Romania with the construction materials manufacturer Joris Ide, which has a factory in Buzias in Timis County, where it produces structures for halls, thermal insulation, sandwich panels, and metal tiles.

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