In continuation of the stock exchange release of 19 August 2013, the ROCKWOOL Group is pleased to announce the closing of the acquisition of CMC. The relevant approvals are now in place and the acquired activities will be integrated into the ROCKWOOL Group with accounting effect as of 1 October 2013.
The acquisition is part of the ROCKWOOL Group’s strategy to globalize and develop its ROCKFON ceiling business which today accounts for approx. 10% of Group revenues.
The acquisition will allow the Group to offer and develop more complete solutions to our customers by offering not only ceiling panels but also the metallic grid which is a key element in the suspended ceiling system Additionally, the acquisition will give a major growth boost to the Group’s ceiling strategy in North America and Asia allowing a significant acceleration to the already on-going expansion into these regions.
The closing has been finalized earlier than anticipated and there will thus be more impact on the 2013 accounts than originally expected. The integration of CMC is expected to impact the full-year expectations with a positive effect of approximately DKK 150-200 million on turnover and approximately DKK 10 million on net profit including the additional depreciation on the assets identified and revaluated in the purchase price allocation.