THE Hadleigh-based insulation board company Celotex has been sold to a French buyer for an undisclosed sum.
The firm, which produces insulating foam, employs 170 people on its recently-expanded factory site on the Lady Lane Industrial Estate.
The company has been running for more than 30 years and has a turnover of £69million. It recently completed a new £3million distribution centre in Hadleigh to support its growth.
The French buyer, Saint-Gobain, a building materials company, already has a presence in the UK and Irish insulation market with another brand, but says the acquisition of Celotex strengthens its position.
Celotex will continue to operate under its current name and with its existing management team. The completion of the buy-out is subject to approval by the Office of Fair Trading.
Saint-Gobain operates in 64 countries and has nearly 195,000 employees.