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FINANCIAL NEWS
Bahrain’s Investcorp sells German Armacell for USD655m
01 May 2013
(MENAFN) Investcorp Gulf president, Mohammed Al Shroogi, announced that the Bahraini firm will sell German Armacell for USD655 million to UK’s Charterhouse Capital Partners, a private equity investment company, reported Gulf Daily News.
Al Shroogi added that the global provider and manager of alternative investment products purchased Armacell for USD524.38 million in 2007, and since then, the insulation company has boosted sales by 30 percent to nearly USD563.70 million.
He said that the sale still needs the approval of the competition authority.
It is worth noting that Armacell, with a workforce of over 2,300, operates 19 manufacturing facilities in 13 countries.
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