The France-headquartered multinational has entered into exclusive negotiations for the sale of PAM Building, Saint-Gobain PAM's subsidiary dedicated to the manufacturing of sanitary and rainwater drainage for buildings, to Aldebaran, a French institutional investment fund, with a minority stake from Bpifrance, the French public investment bank.
PAM Building has two production plants, in Bayard, France, and in Telford, employing 400 people and generating revenues of about €110m in 2023.
After initially serving as a coal mining operation in the early 1700s, the Telford site became an ironworks in the middle of the century making pots and pans, pumps cylinders and railway tracks.
In the 20th century, Duncan Sinclair established the Sinclair Iron Co Ltd to make light castings for the building trade, becoming the Sinclair Works of Allied Ironfounders Ltd in the 1960s before Allied Ironfounders' Shropshire concerns became part of Glynwed Foundries in 1969.
The site was acquired by Saint-Gobain from Glynwed in 1997.
This sale would allow Saint-Gobain PAM to focus on its historical core business, the production and delivery of complete water transport and supply networks.Closing of the transaction is expected by the end of 2024.
