ROCKWOOL Group has signed an agreement to acquire Boerner Insulation Sp. z o.o. in Poland. The agreement requires Polish regulatory approval, which is pending.
The acquisition will accelerate ROCKWOOL’s growth plans in this high-priority region. The Boerner Insulation business consists of a factory located in Wykroty, Poland, near the German-Czech border. This location is well-suited from a logistics and supply-chain perspective to serve multiple European markets.
Boerner Insulation is currently overseen by an administrator appointed by the Polish government. The business is owned by companies sanctioned by the Polish government. The Polish government froze the company assets in May this year, with an eye on securing new ownership to ensure the business continues operating.
Under Polish law, the sale proceeds will go into an escrow account controlled by the Polish government, to be released exclusively at its sole discretion, at a time and in a manner based on Polish law.
Upon final approval, ROCKWOOL will initiate work to re-establish full factory operations, which have been curtailed since soon after the government froze the assets, leaving the approx. 170 Polish employees with an uncertain future. We look forward to welcoming these new colleagues into the ROCKWOOL family. We aim for the factory to resume production shortly after closing the deal, which will take place only when all required regulatory approvals have been granted.
