As part of this agreement, Thermaflex will operate as the exclusive distributor for Armacell in the Russian Federation. The agreement will initially run for a 5-year term with multiple extension possibilities.
Patrick Mathieu, President & CEO of the Armacell Group, commented:
"Our customers will benefit from a combined elastomeric and thermoplastic product offering and enhanced customer service levels. Going forward our elastomeric products and accessories will be manufactured through Armacell’s European production network."
Production at the company’s Russian facility in Lobnya, north of Moscow, will be discontinued.
Hans de Haas, CEO of Thermaflex, added:
"We are delighted to work with Armacell, a global industry and technology leader. Together, we will strengthen our presence in Russia and jointly serve the growing domestic demand for high-quality thermal insulation solutions."
The parties have agreed to remain silent on the financial terms of the deal.
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Thermaflex is an international manufacturer of energy efficient heating and cooling networks for buildings and district energy systems. We develop and produce smart solutions for thermal distribution using state-of-the-art flexible pre-insulated piping systems for residential and public buildings, offices, hotels and industrial sites worldwide.
As the inventors of flexible foam for equipment insulation and a leading provider of engineered foams, Armacell develops innovative and safe thermal, acoustic and mechanical solutions that create sustainable value for its customers. Armacell's products significantly contribute to global energy efficiency making a difference around the world every day. With 3,000 employees and 27 production plants in 17 countries, the company operates two main businesses, Advanced Insulation and Engineered Foams. Armacell focuses on insulation materials for technical equipment, high-performance foams for high-tech and lightweight applications and next generation aerogel blanket technology.