Saint-Gobain's Construction Products Sector is consolidating its position in Turkey through the acquisition of Izocam, the leading Turkish name in insulation. The purchase of a majority of the shares of Izocam, from Koç Group companies is being made jointly with Alghanim Industries, a leading industrial group in Kuwait & in the Gulf countries. A 50/50 joint venture company will be established with the Alghanim Group. The joint venture will initially acquire 61.2% of Izocam's shares currently held by Koç, & then launch a tender offer on the Istanbul stock exchange for the remaining shares. As a market leader in insulation in Turkey & the Middle East, Izocam reached sales of approximately 120M euros in 2005 with a workforce of more than 450 people. The operation is subject to approval of the Turkish Competition Authority.
