Bird & Bird LLP advises Armacell International, a world leader in flexible insulation foams for the equipment insulation market and also a leading provider of engineered foams, on the acquisition of the Turkish insulation materials manufacturer OneFlex (Das Yalıtım Sanayi ve Ticaret Anonim Şirketi).
This acquisition significantly strengthens Armacell’s position in Turkey, where the company previously has been represented by a domestic licensee. Non-disclosure of the selling price has been agreed.
Armacell is a world leader in flexible insulation foams for the equipment insulation market and also a leading provider of engineered foams. The Advanced Insulation business develops flexible insulation foam products for the insulation of mechanical equipment eg. commercial and residential construction, industrial applications, and the oil and gas industry. The Engineered Foams business develops light foams for use in a wide range of end markets where weight and robustness are of critical importance such as automotive, industrial and wind energy. With its 21 manufacturing plants in 14 countries on four continents, Armacell follows a strategy of internationalization.
OneFlex, which maintains headquarters in Istanbul and its production base in Bursa, specialises in producing and selling insulation for building technology that is based on flexible, closed-cell elastomeric insulation materials. The company has achieved nationwide recognition with its brand under the same name.
Armacell has been advised by the following Bird & Bird lawyers: Partner Alfred Herda (Corporate, M&A, lead partner), Prof. Dr. Patrick Sinewe (Tax, Frankfurt), Associates Dr. Stefanie Orttmann and Florence Brauch (both Corporate / M&A, Dusseldorf), Alexander Bellheim (Tax, Frankfurt).
Regarding Turkish law they have been supported by BTS & Partners (Istanbul), with whom Bird & Bird entered into a cooperation agreement in July 2014.
Armacell’s General Counsel Jan Bir instructed Bird & Bird in this transaction.