Johns Manville to acquire ITW Insulation Systems from Illinois Tool Works
Johns Manville (JM), a Denver-based building products manufacturer and a subsidiary of Berkshire Hathaway, has agreed to acquire ITW Insulation Systems from Illinois Tool Works for an undisclosed price.
Based in Texas, ITW Insulation Systems offers high-performance mechanical pipe insulation, metal jacketing, low-temperature polyisocyanurate foam insulations, and vapor retarder products designed to address specifications for a wide variety of commercial and industrial pipe and equipment projects.
ITW Insulation Systems employs 100 people who work at four manufacturing factories in the US and Canada. The company’s main markets are refining, petrochemical, food & beverage, power, LNG, oil sands and other energy applications.
Commenting on Johns Manville acquisition of ITW Insulation Systems, Mary Rhinehart – President and CEO of Johns Manville said: “The acquisition of ITW Insulation Systems represents an important strategic opportunity to offer expanded insulation solutions to the industrial market.
“This will give us greater versatility and allow JM’s Insulation Systems business to continue to offer a robust and well-rounded portfolio of insulation solutions.”
Johns Manville said that it intends to integrate ITW Insulation Systems as a key part of its industrial insulation portfolio, while making no major changes to the existing operations at the latter.
Dave Skelly – General Manager of Johns Manville Performance Materials, commenting on Johns Manville acquisition of ITW Insulation Systems, said: “JM’s Industrial Insulation business is a market leader, producing the broadest product portfolio of any manufacturer in the industrial insulation industry.
“Historically, this has included high-temperature calcium silicate, expanded perlite, mineral wool, microporous blankets and silica aerogel, and now, with the addition of ITW Insulation Systems, our portfolio includes both low-temperature polyisocyanurate foams and metal jacketing.
“These additions make our industrial insulation portfolio incredibly robust and allow us to be a single source for our customers’ insulation and jacketing needs.”
Johns Manville acquisition of ITW Insulation Systems is expected to be wrapped up in December.