European Commission approves the sale of TeraPlast steel division to Kingspan Group

by Romanian Reporter - Wednesday, January 13, 2021 5:06 PM

European Commission approves the sale of TeraPlast steel division to Kingspan Group

TeraPlast Group announced last summer the sale of its shares in the companies TeraSteel, TeraSteel DOO Serbia, and Wetterbest to the Irish conglomerate Kingspan Group (ISEQ: KRX, LSE: KGP), for an estimated sale price of RON410 million (about €84 million). The transaction was approved this week by the Competition Authority of the European Commission.

The company is also waiting for the approval of the Serbian competition authority for the sale of the Serbian company included in the transaction.

The steel division represented RON578 million (€118 million) in revenues (almost 60% of the total revenues) and over RON50 million (€10 million) in EBITDA for TeraPlast in 2019.

TeraPlast Group is currently the largest Romanian producer of building materials and it is listed on the Bucharest Stock Exchange (ticker symbol - TRP). The group includes the companies: TeraPlast, TeraSteel Romania and Serbia, Wetterbest, TeraGlass, TeraPlast Recycling, and TeraPlast Hungary. The main shareholder of TeraPlast is Dorel Goia (with 46.83%). Another significant shareholder is the NN Pensii, the Dutch private pensions fund manager, with 10.99%.

The Irish group Kingspan operates over 130 factories in 60 countries around the globe, with over €4.6 billion in revenues reported in 2019. It is the global leader in high-performance insulation and building envelope solutions. The company is listed on the Euronext Dublin and London Stock Exchange.

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Photo: Kingspan / Facebook

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