Dutch company AkzoNobel has signed an agreement to sell its XPS (extruded polystyrene) insulation material production activities in Romania to Hirsch Porozell, the local subsidiary of Austrian group Hirsch Servo.

Hirsch is one of the leaders in the field of high-quality EPS (expanded polystyrene) insulation materials, with more than 30 production sites, mainly in Central and Eastern Europe.

"This acquisition in Romania is a unique opportunity for us to enter XPS production and serves as a starting point to grow XPS' business within our group of companies," said Harald Kogler, CEO of Hirsch Servo. 

The XPS production facility became part of AkzoNobel following the acquisition of Fabryo in October 2018.

The transaction, which includes the XPS production facility in Tunari close to Bucharest, along with 22 manufacturing and technical professionals, is scheduled to close in the second quarter of 2023. Financial details are not available.

With this acquisition near Bucharest, Hirsch Porozell reaches five insulation production units in Romania, positioned in Cluj-Napoca, Timisoara, Sfântu Gheorghe, Bragadiru and Tunari. Currently, the four factories owned by Hirsch Porozell have a capacity of one million cubic meters of expanded polystyrene for facades.

A team of lawyers from Schoenherr & Associates advised AkzoNobel in connection with the sale of its XPS manufacturing activities in Romania to Hirsch Porozell.

(Photo courtesy of the company)

iulian@romania-insider.com