Etex: Talks with Austrotherm on sale of XPS business in four European countries

Etex and Austrotherm have entered into exclusive negotiations regarding the acquisition of Etex’s XPS insulation activities in Germany, France, Italy and Spain. The transaction would include four production sites as well as the associated sales activities. It remains subject to regulatory approvals and other customary closing conditions.

The planned sale comprises the XPS plants currently operating under the “Ursa” brand in Queis, Germany; Saint-Avold, France; Bondeno, Italy; and El Pla, Spain. The associated sales activities serving customers in several Western and Central European countries are also expected to be transferred to Austrotherm. The “Ursa” brand itself is not part of the transaction, although it may continue to be used for a limited transitional period.

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For Etex, the planned divestment forms part of a strategic focus of its insulation business on glass wool. According to the company, XPS accounts for a smaller share of its insulation portfolio. The sale is also intended to simplify Etex’s production network. At the El Pla and Saint-Avold sites, where both XPS and glass wool are produced, glass wool production will remain with Etex and is to be further developed. Overall, the company operates glass wool activities at seven sites across Europe.

For Austrotherm, the acquisition would significantly expand its existing production network for extruded polystyrene. The company currently has a strong presence particularly in Central, Southern and Southeastern Europe. The four additional plants would strengthen Austrotherm’s presence in Germany while extending its XPS production footprint to France, Spain and Italy. The transaction is also expected to broaden its market coverage in Western Europe, including the Benelux countries.

Austrotherm considers XPS a core technology and a strategic growth area. Following an acquisition, the company plans, among other measures, to invest in XPS recycling technologies and increase the proportion of recycled raw materials used. These measures are intended to further reduce CO2 emissions at its European production sites.

If the transaction is completed, employees assigned to the affected plants are expected to transfer to Austrotherm in accordance with the applicable national legal and consultation requirements. Until a potential closing, Etex will continue to operate the XPS business independently. The companies did not disclose the purchase price or an expected closing date.

Etex, headquartered in Zaventem, Belgium, employs nearly 13,500 people worldwide and operates more than 190 sites in 46 countries. In 2025, the group generated revenue of EUR 3.747 billion and REBITDA of EUR 698 million.

Austrotherm, headquartered in Wopfing, Austria, operates 34 production sites in 14 countries and employs around 1,500 people. The insulation manufacturer is part of Schmid Industrie Holding and primarily produces EPS and XPS insulation materials.

More information: www.etexgroup.com, www.austrotherm.at

Etex Group, Zaventem, Belgien

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