ZURICH - Swiss fibre cement maker Swisspearl Group said on Monday it was acquiring Denmark's Cembrit for an undisclosed sum, saying it was creating the second-largest fibre cement producer in Europe.
Swisspearl Group, which is wholly owned by the Bernhard Alpstaeg family and currently employs about 1,200 people, is acquiring Cembrit retroactively from Swedish investment company Solix as of Jan. 1, it said in a statement.
Cembrit employs about 1,400 people and serves mostly the Nordic countries as well as Ireland and Britain, complementing Swisspearl's presence in Switzerland, Austria and Slovenia, said the Swiss group known for its Eternit brand.
Fibre cement is a composite building and construction material used in roofing and facade products because of its strength and durability.