Bewi Invest AS

M&A Activity • Oct 29, 2021

BEWI announces the acquisition of Belgian insulation company Kemisol Group

BEWI announces the acquisition of Belgian insulation company Kemisol Group

With reference to the stock exchange of 23 September 2021, about final

negotiations for acquisition of an insulation company in the Benelux region,

BEWI today announces that it has entered an agreement to acquire 100 per cent of

the Belgian insulation company Kemisol Group (Kemisol).

Kemisol is a family-owned company founded in 1961 primarily operating in the

Benelux region. The company is one of the largest producers of expanded

polystyrene (EPS) in Belgium, offering a wide range of products. In addition to

production of EPS based insulation products, Kemisol distributes other

insulation products such as IKO Enertherm, Ursa Foam, Styrisol and Knauf glass

wool.

"Through this acquisition, we are strengthening our position in the market for

insulation solutions to the building and construction industry in the Benelux

region, in line with our strategy," says Christian Bekken, CEO of BEWI.

Kemisol recorded revenues of EUR 18.1 million for the first half of 2021, an

increase of 54 per cent from the EUR 11.8 million recorded for the corresponding

period of 2020. The EBITDA came in at EUR 3.8 million for the period, up from

2.0 million for the first half of 2020. For the full year of 2020, Kemisol had

revenues of EUR 24.7 million and an EBITDA of EUR 4.5 million.

BEWI will pay the consideration for the shares in cash through available

sources.

Closing of the acquisition is conditional upon customary conditions specified in

agreement and is expected in November 2021.

Contact:

Charlotte Knudsen, Director of IR and Communications BEWi ASA, tel: +47 9756

1959

About BEWI ASA

BEWI is an international provider of packaging, components, and insulation

solutions. The company's commitment to sustainability is integrated throughout

the value chain, from production of raw materials and end goods, to recycling of

used products. With a vision to protect people and goods for a better every day,

BEWI is leading the change towards a circular economy.

BEWI ASA is listed at the Oslo Børs under ticker BEWI.

The information is such that BEWI ASA is required to disclose in accordance with

the EU Market Abuse Regulation. The information was submitted for publication,

through the agency of the contact person set out above, at 19:45 CEST on 29

October 2021.