Chinese firm buys cladding giant Permasteelisa for £426m

Aaron Morby 7 years ago
Share

Leading Chinese construction giant Grandland has bought loss-making cladding manufacturer Permasteelisa for £426m.

Permasteelisa was sold by its Japanes owners Lixil Corporation. Under the ownership of Shenzhen-based Chinese curtain walling rival, Permasteelisa’s headquarters will continue to be based in Vittorio Veneto in Italy.

Permasteelisa has made big in-roads into the UK high-rise market in recent years and secured the cladding deal on the Shard in London.

But as a whole the Italian cladding specialist ran up losses of £21m in the year to April 2017 from revenue of £1.2bn.

Riccardo Mollo, Permasteelisa CEO, who will remain in the position following the transaction, said, “Combining Permasteelisa’s position as a premium leader in the market and scale across EMEA, North and South America, and Asia Pacific, along with Grandland’s industrial integration capabilities and strength in China, will create a truly global leader in the curtain wall segment.

“While Permasteelisa will maintain its operating independence globally, the opportunities for operating synergies with Grandland are tremendous.”

Lixil president Kinya Seto said: “We believe Grandland will be a strong complementary fit for Permasteelisa and an ideal partner to invest in and grow Permasteelisa’s business in the future, especially in the fast-growing Chinese market”

 

Latest news

Keltbray fine increased to £18m after failed bid rigging appeal

Contractor loses penalty discount for settling with competition authorities
2 days ago

Luxury house builder goes under with 70 job losses

Octagon Developments in administration after 40 years in business
2 days ago

Top Ten best read stories of 2024

The biggest headlines of an eventful year. Have a good one and here's to a successful 2025
3 days ago

BAM Nuttall fined £800,000 after concrete skip tragedy

Young labourer killed by falling bale arm
3 days ago

Keltbray infrastructure business reveals new name

AUREOS means "new dawn" after private equity acquisition
3 days ago

Stiffer fines for over-running street works from next Summer

Cash raised from lane rentals to be channeled into pothole repairs
3 days ago

£113m Basildon rental homes scheme seals build finance

Work expected to start early next year on Market Square project
3 days ago

Notting Hill Genesis seeks more tier 1 repairs contractors

London housing trust seeks eight firms for new £1.5bn repairs framework
3 days ago

Reclaimed steel oil rig columns worked into London office revamp

Curo will use reclaimed bricks and steel for Fitzrovia office overhaul
3 days ago

CITB delays levy approval consultation

Levy agreement talks pushed back by ongoing review into effectiveness of training body
3 days ago

Ofwat approves £104bn water industry spending plan

Household water bills to rise by 36% to fund quadrupling of investment
4 days ago

Costain/ Siemens JV clinches HS2 power supply job

£300m deal for HV power supply systems over the 225km route
4 days ago

Demolition team assembles on Multiplex London Wall site

Erith to start work next month at Deutsche Bank's former headquarters
4 days ago

Norwich Council acts to revive £300m Anglia Square scheme

Council uses Homes England funding to buy stalled site with planning for 1,100 homes
4 days ago

Go-ahead for 4,500-home Cambridgeshire new town

Waterbeach new town plan stalled three years ago after an Environment Agency objection
4 days ago

Henry Boot to take total control of Stonebridge Homes

Deal worth at least £30m
4 days ago

HS2 costs could hit £66bn

Government looking for next estimate to be lower
4 days ago

Mace to close construction logistics arm

Specialist business being wound down
5 days ago

National Grid to invest £35bn over next five years

Plan set out for record investment in electricity transmission infrastructure
5 days ago

Profits double at Barhale

Civils specialist sees order book top £1bn
5 days ago

Balfour wins 68km HV underground power cable deal

Main works to start next year on Eastern Green Link 2 job
5 days ago

Stunning site wrap unveiled on Sloane Street

Hoarding creates illusion of fully formed façade on £53m Galliford Try job
5 days ago

Heathrow Airport upgrade spend takes off again

Airport operator will spend £2.3bn over the next two years
5 days ago

Government buys back over 36,000 military homes

Public ownership deal to release wave of upgrade and new build work
6 days ago

Story Contracting staff braced for rail job losses

Work coming through slower than expected from Network Rail
6 days ago

Ballymore submits two plans for 3,700 East London homes

Construction could start in 2025 on Thames Road and Knights Road schemes
6 days ago

Blackpool council steps in on failed developer’s £300m scheme

Blackpool Central site clearance to start in the New Year as hunt starts for new developer
6 days ago

Brookfield submits retro-first London office plan

Milton Gate plan for Square Mile will hike space by nearly 50%
6 days ago

Bowmer + Kirkland gets start date for £100m Siemens site

Construction to begin early next year on Chippenham scheme
6 days ago

Torsion sells under-construction Leeds BTR scheme

Concrete frame due to start soon on 300-apartment complex
6 days ago

Contractor services