Purchase expands market leader's reach into the metal roofing market
TORONTO, Nov. 1, 2018 /CNW/ - IKO Industries Ltd., announced today that it has concluded a deal that will see it acquire the operations of the Roof Tile Group from New Zealand based manufacturer and builder Fletcher Building.
Roof Tile Group manufactures metal roofing tiles for global sales and distribution under a number of brand names, including Decra and Gerard. The deal to acquire RTG was finalized yesterday in Auckland. The purchase will expand IKO's global manufacturing and operations footprint to include production sites in New Zealand, Hungary, Malaysia, and the United States; and more than 500 employees to IKO's worldwide team.
"We are pleased to welcome RTG and its employees to the IKO family," stated Hartley Koschitzky, IKO's Co-Chairman. "This acquisition represents an excellent opportunity to continue with our global growth strategy, and to expand our metal roofing business beyond our partnership with Metrotile NV, particularly in the North American market. We are looking forward to growing and building RTG's business and learning from the knowledge and experience of our new team members in the metal roofing industry."
IKO did not disclose the financial terms of the acquisition. The company indicated that the immediate future will see RTG continue to run its operations on a 'business as usual' basis, while the company focuses on onboarding its new employees and gaining familiarity with RTG's operations.
IKO is a world-wide leader in the roofing, waterproofing and insulation industry for residential and commercial markets. A vertically integrated company, IKO operates more than 30 manufacturing plants throughout North America and Europe. IKO is a family owned business established in 1951.
SOURCE IKO Industries
For further information: Derek Fee, Manager Corporate Communications, IKO Group of Companies, 416-780-5898, Email: [email protected]