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CELOTEX LTD UNDER UK OWNERSHIP

Added: (Wed Jan 10 2001)

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Financial News
London, January 2001


Celotex Ltd in UK ownership

Control and outright ownership of London-based building insulation manufacturer Celotex Ltd is in the hands of UK directors and senior managers following the buyback of 2.8 million shares from the estate of former chairman, the late James W. Walter.

Mr Walter acquired a 68% share in Celotex Ltd in a management buyout from US parent Celotex Corporation of America in 1988 when his $3.4bn-valued Jim Walter Corporation Inc was itself subject to a leveraged buyout by KKR.

Former financial director Geoffrey Steer was appointed managing director in December 1999 and non-executive director Peter Hambro succeeded Mr Walter as chairman in January 2000. Marketing director Digby Harper completes the company board. Financial Controller Mark Goddard was appointed Company Secretary in October 2000 following the retirement of Bob Hall after more than forty years with the Company.

Celotex is Europe’s premier manufacturer of rigid polyisocyanurate foam insulation boards sold under the Celotex double-R, tuff-R and Tempchek brands and a major supplier to the UK’s building industry. The company operates from headquarters in west London and a manufacturing plant in Suffolk.

Mr Steer commented:

“Celotex has grown steadily and surely under the stewardship of Jim Walter and owes much for his enthusiasm and common sense. His was a great and benign influence on a business that he regarded as “family” and he is very much missed both as a friend and colleague.

“Celotex is financially-sound and well-regarded, with a strong asset base. With the continuing involvement of its directors, who are the company’s major shareholders, and a powerful mix of long-service managers with more recently recruited dynamic young leaders, we expect to maintain a healthy rate of growth and profitability.”

ends

Issued January 2001 on behalf of Celotex Ltd by
PMPR Business Communications
Contact: Peter Muir: Tel: 01296 715228
Fax: 01296 715486
e-mail: info@pmpr.co.uk

More at www.pmpr.co.uk

ABOUT CELOTEX INSULATION

Established in 1925, Celotex Ltd is a major manufacturer and supplier of thermal insulation boards and panel products to the construction industries of the UK and continental Europe. A private company, it is one of the two largest producers of generic urethane foam boards in the UK and is counted amongst the top ten producers in Europe.

Celotex Ltd has a sales turnover of c. £23 million and employs 160 personnel at its Hadleigh, Suffolk plant, the Sundeala factory in Sunbury-on-Thames and headquarters in West London. The company’s products, including its highly regarded Celotex double-R and new tuff-R insulation brands, enjoy the highest standards of quality assurance and are tested by leading independent authorities. These products are also exported to Germany, Holland and Belgium.

Celotex insulation is appropriate for use in floors, walls, flat roofs and pitched roofs and is made from rigid polyisocyanurate (PiR) foam, favoured by the company for its exceptionally low thermal conductivity and reduced flammability (when compared to other cellular plastics). Celotex promotes double-R as the brand that provides twice the insulation value as the same thickness of ordinary insulation. The company’s patented manufacturing process incorporates the use of long-strand glassfibre core reinforcement for added dimensional stability and improved fire performance, and foil facings for low and reliable thermal conductivity. The UK Government’s commitment to energy conservation in order to achieve its Kyoto Protocol commitments, ensures a growing market for the Company’s products, with further growth in demand expected as amendments to insulation standards within the UK Building Regulations are pushed through over then next eighteen months.

Celotex’s Sundeala division, acquired in 1992 is a long-established and prominent supplier of sheet boards and pinboards to the built environment. This division is poised for rapid expansion, as proposed new requirements of amended UK Building Regulations are expected to open up significant new market opportunities in non-pinboard applications.

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