Romania: Schoenherr advises AkzoNobel on sale of its insulation materials production to HIRSCH Porozell
Schoenherr Romania advised AkzoNobel on the sale of its extruded polystyrene (XPS) insulation material production activities in Romania to HIRSCH Porozell. The production facility near Bucharest became part of AkzoNobel following the acquisition of Fabryo in October 2018. Through this divestment, AkzoNobel plans to focus on its key expertise and streamline its footprint towards a single production site in the local market.
"It is exciting to have been part of AkzoNobel's journey in the Romanian manufacturing sector by providing transactional advice both on its market entry deal in 2018 and on this recent divestment of the XPS insulation material production activities," said Monica Cojocaru, local partner, who led the Schoenherr team advising AkzoNobel. "We would like to congratulate the parties on completing this transaction."
AkzoNobel supplies the sustainable and innovative paints and coatings that its customers, communities – and the environment – are increasingly relying on. Its world-class portfolio of brands – including Dulux, International, Sikkens and Interpon – is trusted by customers around the globe. The company is active in more than 150 countries and has set its sights on becoming the global industry leader.
HIRSCH Porozell is a leader in high-quality EPS (expanded polystyrene) insulation materials with over 30 production sites mainly in Central and Eastern Europe. Through this acquisition, it will enter XPS production and will reach five insulation production sites in Romania (Cluj, Timisoara, Sfantu Gheorghe, Bragadiru and Tunari in the Bucharest area).
Schoenherr advised the seller in all phases of this M&A transaction. The team was led by Monica Cojocaru (local partner) and included Mădălina Mitan (managing attorney at law), Simona Lehniuc (senior attorney at law) and Steliana Stroe (attorney at law).