The $1.14 billion purchase of Icopal from Bahrain-based investment firm Investcorp Ltd. gives GAF added reach on both sides of the Atlantic, GAF said in a press release. Jim Schnepper, executive vice president of sales at GAF, will become CEO and president of Icopal, which is now GAF's European operating division. Tom Anderson, senior vice president of planning and supply chain management, will become chief operating officer. Bob Tafaro, GAF's CEO, said the two concerns are an "excellent cultural fit" with a shared focus on manufacturing excellence, customer service and innovation. The combined company will have 6,500 employees and roughly $4 billion in annual sales in 80 countries. GAF, a subsidiary of Standard Industries, Inc., was already the largest roofing manufacturer in North America. Icopal sells to the residential roofing, building membranes, waterproofing and civil engineering markets, according to Reuters. It has annual sales of about 1 billion Euros.
Read more >