Selena Group finalises acquisition of Matizol

On 12 March 2010 Selena FM SA finalised its agreement with Boryszew SA to acquire 100% stake in Przedsiębiorstwo Materiałów Izolacyjnych “Izolacja – Matizol” SA of Gorlice. The contract was finalised following positive decision of the President of the Competition and Consumer Protection Authority issued on 24 February 2010. As previously announced, the value of the deal is PLN 18.5 m.

The company’s strategy for 2010, which is geared towards development of Matizol, assumes adding the acquired entity’s products to the product range and distribution network of Selena, initially in the domestic market and then internationally. Also, as the Management Board of Selena FM S.A. resolved on 8 March 2010, the production facilities of Matizol will be upgraded and their production capacity will be increased. PLN 4 m worth of investments are expected to be made by the end of the year.

“The finalised transaction will make Selena Group stronger, providing it with new production competencies and expanding its proposition with roofing products and solutoins designed for construction of buildings. Our goal is to ensure fast integration of the new entity and to add Matizol’s products to our distribution network. We believe that our efforts will give a boost to the company’s turnover, which will be reflected in the Group’s revenue” – said Krzysztof Domarecki, the CEO of Selena FM SA – the managing company of the Group.

Matizol is one of the oldest manufacturers of roofing felt in Poland. Its products are distributed in such DIY chains as Castorama and Polskie Składy Budowlane. The company has two production plants in Gorlice and ChełmŜa. The portfolio of Matizol includes a wide array of roof coverings and its main brands are Matizol, Gordach, Gorplast, Gorbit and Welplast. The company’s annual sales are approx. PLN 60 m.