Saint-Gobain has completed the divestment of its pipes subsidiary, PAM Building, to investment entity Aldebaran, with a minority stake from the French public investment bank Bpifrance.
PAM Building, a specialist in the manufacturing of sanitary and rainwater drainage solutions, operates two production plants in France and the UK.
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The unit employs 400 people and generated revenues of approximately €110m ($115.18m) in 2023.
The Telford, UK, production site of PAM Building dates back to the early 1700s when it was a coal mining operation, insidermedia reported.
It transitioned to an ironworks in the mid-18th century, producing a variety of iron goods.
The site has undergone several transformations, including the establishment of the Sinclair Iron Co in the 20th century, which later became part of Glynwed Foundries.
Saint-Gobain acquired the site from Glynwed in 1997.
This divestment is a strategic component of Saint-Gobain’s ‘Grow & Impact’ plan, which focuses on optimising the company’s business profile.
Saint-Gobain focuses on designing, manufacturing, and distributing materials and services that emphasise sustainability and performance.
The company reported sales of €47.9bn in 2023 and has a workforce of 160,000 employees across 76 countries.
It is also committed to achieving net-zero carbon emissions by 2050.
Last month, the French multinational announced that the construction of a new steel ladle slag plant in Raahe, Finland, was underway.
The facility, set to be completed in 2025, is expected to transform steel slag into low-carbon binders, offering an eco-friendly alternative to traditional cement.
In October this year, Saint-Gobain agreed to purchase Kilwaughter Minerals, a Northern Irish quarrying and mineral processor.
