Building products group CSR is to acquire design-led acoustic finishes and textiles business Woven Image for $43 million.
The acquisition, which broadens the company’s offering to commercial markets, builds on a 20 year relationship between the two companies, with CSR having manufactured some of Woven Image’s products.
CSR Managing Director and CEO Julie Coates said: “The acquisition of Woven Image positions our interior systems business for further growth domestically and in export markets and follows the move to full ownership of Martini in 2020.
“The commercial interior finishes segment is a highly attractive market and provides further opportunity for growth and diversification across product, building sector and geography.”
CSR Martini manufacturers interior acoustic insulation solutions for the commercial office sector.
According to a statement, Woven Image is highly complementary to CSR’s existing commercial interior ranges, and will enhance export offerings to Europe and Asia.
“The combined product range, commitment to innovation, sustainability, manufacturing capability and sales and distribution channels positions the business to better serve customers and deliver further growth in Australia and export markets.”
Picture: Woven Image product shot