On August 31, 2016, after bilateral fulfillment of all transactional conditions, IZO-BLOK assumed 100% ownership of the German company SSW PearlFoam. The final transactional amount was a little over EUR 21 million (approx. PLN 91.5 million).
The acquisition of SSW PearlFoam had two financing sources: bank credit and issue of shares. As part of the public offering, an allocation was made of a total of 267,000 D-series shares. IZO-BLOK received PLN 42.72 million as part of the share issuing, while the reduction among individual investors equaled approx. 61%. SSW Industries granted IZO-BLOK the right to fully and solely use the name SSW PearlFoam for a period of at least 12 months.
The acquisition of SSW PearlFoam brings undeniable and absolute synergies in the technological, logistic and sales areas. Not only will this reinforce our position on the European market, but it will also allow us to act on a fully global scale, which our customers are eagerly waiting for. – says Przemysław Skrzydlak, Chairman of IZO-BLOK S.A.