IKO Group Announces Acquisition
“An agreement to purchase the assets of AWA was signed on Wednesday, May 28, 2003,” says Martin Vaughan, vice president of finance of IKO. “The agreement has now been accepted and finalized. We were interested in acquiring AWA because it’s a perfect match for our business. AWA was established in 1888 and has been a constant innovator and pioneer in the European roofing industry, just as IKO has been in North America since 1951.”
AWA is a manufacturer of modified roofing membranes. It also produces polystyrene insulation for the flat roofing market and a variety of other materials. AWA’s dominant presence will help broaden IKO’s distribution channel and expand IKO’s manufacturing base to service the largest roofing market in Europe.
“Like IKO, AWA has always believed that investing in people and state-of-the-art technology is the way to stay on top of the market,” states Dirk Van der Bom, managing director of AWA. “We are very excited about the new opportunities available to IKO as a result of this acquisition and we look forward to carrying on the tradition of quality and excellence that has built AWA’s reputation throughout Europe.”