US construction company and building products supplier Johns Manville, based in Denver, Colorado, has agreed conditions for the takeover of Slovak fibreglass manufacturer Skloplast. The operation, whi…
US construction company and building products supplier Johns Manville, based in Denver, Colorado, has agreed conditions for the takeover of Slovak fibreglass manufacturer Skloplast. The operation, which is subject to approval by European regulatory bodies, should be completed during the first quarter of 2001. Under the terms of the transaction, Johns Manville will buy out the majority of Skloplast“s owner, Glasplast. “We are pleased to make a major investment in a strong, growing European business that builds on our current fibreglass capabilities and strengths,” said Johns Manville board chairman and CEO Jerry Henry. “Skloplast is a low-cost producer with a reputation for manufacturing excellent products. We expect the acquisition to be accretive to earnings in 2001,” he added. Skloplast employs a workforce of around 1,200 and exports principally to Western Europe. For 1999, Skoplast reported turnover in excess of US$ 50 million.