ANTWERP, BELGIUM, Jan. 12 /CNW/ - Leading roofing and waterproofing
supplies producer IKO Industries Ltd. announced today its purchase of a
significant stake in Metrotile Europe NV. The two companies reached an
agreement on the sale of a significant share of Metrotile Europe just
prior to the end of 2010.
IKO, the Canadian based manufacturer of residential and commercial
roofing products, entered the European market in 1972, when it
constructed a shingle manufacturing plant in Ham, Belgium. The company
and its affiliated businesses now own and operate facilities in 10
countries throughout Europe.
"We're very pleased to have reached this agreement with Metrotile Europe
NV," said Hartley Koschitzky, head of IKO's European Operations. "Like
IKO, Metrotile Europe has been an innovator in its market from the
start, and shares our commitment to producing quality products for its
customers around the world. We feel this deal will bring tremendous
benefits for both companies."
Metrotile's line of granule coated steel roofing products provides IKO
with an entry into a segment of the market not previously served by
IKO's asphalt roofing shingles. Although IKO offers a variety of
roofing and waterproofing solutions, the deal with Metrotile represents
the company's first entry into steel roofing systems.
IKO indicates that there are no plans to become directly involved in the
oversight of Metrotile Europe NV operations, which will remain under
the stewardship of its current management team.
Metrotile Europe NV was founded in 1997 by Sergio Canini in partnership
with Metrotile New Zealand, whose business dates back more than 60
IKO Industries Ltd. is a global leader in the manufacture and supply of
commercial and residential roofing products. Founded in Calgary,
Alberta, in 1951, the family owned business has grown to include more
than 20 manufacturing plants and 3000 employees worldwide.
SOURCE IKO Industries
For further information:
Derek Fee, Manager - Corporate Communications
IKO Industries Ltd.