TeraPlast Group To Sell Steel Division to Kingspan

TeraPlast Group, the largest Romanian producer of construction materials, with a turnover of nearly RON1 billion in 2019, has signed an agreement to sell its steel division to Ireland's Kingspan.

TeraPlast Group, the largest Romanian construction materials manufacturer,  has announced it has reached and signed an agreement with Kingspan Group PLC regarding the sale of its steel division for an estimated 410 million lei ($98 million/85 million euro). Kingspan produces thermal insulation and thermal enveloping systems and operates in over 70 countries with more than 100 factories employing some 13,500 people.

The transaction relates to the entire shareholdings of TeraPlast SA (parent company of the Group) in the following subsidiaries: TeraSteel SA, TeraSteel DOO Serbia, and Wetterbest SA.  The agreement concluded between TeraPlast and Kingspan Group is subject to customary closing conditions, including the clearance from the relevant Competition Authorities. The transaction will be submitted for final approval to the Extraordinary General Shareholders’ Meeting of TeraPlast SA.

JPM Jankovic Popovic Mitic M&A team lead by Senior partner Jelena Gazivoda, Partner Jelena Stankovic Lukic, and Senior Associates Bojana Javorić and Anja Šakan provided full legal support to Kingspan for the Serbian part of the transaction.

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