(Alliance News) - Compagnie de Saint-Gobain SA on Wednesday said it has agreed to buy UP Twiga Fiberglass Ltd in India.
The Paris-based construction materials company did not disclose financial terms, but said UP Twiga, a glass wool insulation company, operates two manufacturing facilities close to Delhi and Mumbai. C Glass Fiberglass Yarn
It has been a licensee of Saint-Gobain technology since 2005 for the manufacture of glass wool in India. Saint-Gobain said UP Twiga's solutions "offer a wide range of applications".
Saint-Gobain expects the deal to complete by the end of the first quarter of 2023.
"Together with the recent acquisition of Rockwool India Pvt Ltd in stone wool and Saint-Gobain's number 1 positions in plasterboard and glass, UP Twiga consolidates Saint-Gobain's positioning in interior and facade solutions in India, set to benefit from higher building performance requirements and the strong need for acoustic and thermal comfort as well as energy-efficient solutions," said Saint-Gobain in a statement.
Saint-Gobain India operates 33 manufacturing sites across India. It has been significantly investing for growth in the country in recent years, the company said.
Shares in Saint-Gobain were down 0.2% to EUR53.01 each in Paris on Wednesday afternoon.
By Greg Rosenvinge, Alliance News reporter
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