Technonicol sells Baltic business to France's Soprema

VILNIUS. July 18 (Interfax/BNS) - Russian building materials manufacturer Technonicol has sold its Baltic division, Mida LT, to French roofing materials company Soprema.

The transaction, the price of which was not disclosed, was completed at the end of June, Mida LT, a producer of modified bitumen roofing and waterproofing membranes with a plant in Lithuania and offices in Latvia and Estonia, reported on Wednesday.

"Mida LT has completely cut off all ties with its former owner, Russian holding Technonicol, known on the European and Baltic markets as TN International. Mida LT is beginning a new stage in the growth of its business in Europe," the company said.

Technonicol acquired Mida LT in 2001. The Lithuanian company claims that after the start of the conflict in Ukraine it removed Russian and Belarusian products from its assortment.

Mida LT reported that its net profit tumbled almost 90% to 387,800 euros in 2023 on revenue down 17% to 38.24 million euros.

TechnoNicol, which was founded in 1992, is a major manufacturer of roofing, waterproofing and thermal insulation materials. The company now has more than 70 production facilities, according to its website.