Isomat is moving towards vertical integration and, at the same time, further consolidating its presence in the external thermal insulation sector, where it is a leading force in the market, with the new expanded polystyrene (EPS) production unit. This is a €7 million investment in its facilities in Agios Athanasios, Thessaloniki, which was completed in June and started its pilot operation in September. It is part of a €23.5 million investment program that has a horizon of 2027 and includes, among other things, automation of production and the supply chain, new buildings, technological equipment, and production certification. 

DEVELOPMENT 

The philosophy of the programme, as described by Isomat's President and CEO, Thanos Tziritis, at an event for press representatives, is also about enriching its product range in the context of continuously strengthening its competitiveness and leading presence in the building materials sector.  Giving more details about the new EPS plant, Isomat's decision-makers explained that it is located in a technologically advanced 4,500m2 area, where semi-finished blocks are initially produced with two separate production lines for white and graphite products on one platform in order to avoid any mixing of the two. To maintain consistent quality, the company works closely with the well-known German company BASF to supply white raw material. The semi-finished products, after curing and quality control, are taken to the automatic cutting and packaging line, which also features state-of-the-art robotic palletizing.

RES USE

As emphasized, this is the first plant of its kind in Greece and the only one that operates with zero direct carbon dioxide emissions, since the production of steam for the production of thermal insulation materials does not come from fossil fuels but exclusively from electricity, produced to a large extent from renewable energy sources.  In addition, it has a zero-waste EPS recycling system. The production process, based on advanced technologies and automation, without direct human intervention, has a maximum capacity of 1,500m3 per day (calculated in 2 shifts), with the possibility of increasing depending on market needs. 

THE GROWTH RATE

In terms of financials, the parent company achieved a turnover of €86.6 million in 2023, while at the group level, turnover amounted to €107.2 million.This year, the growth rate in the eight months is in single digits, flirting with double digits, as was the case in the first five months of the year. As the company's managers explained, the excessive heat and the very high temperatures of the summer season inevitably affected construction activity, which was also reflected in the company's growth rate, which nevertheless continues to move at a satisfactory pace. In the same context, the group's EBITDA exceeded €17 million in 2023, representing an increase of more than 17% compared to 2022. Similarly, for the Greek parent company, EBITDA reached €16.5 million, up 25% compared to 2022. 

LOW ACTIVITY IN THE INDUSTRY

Isomat has open... its antennae open for acquisitions, even if, as a result, so far nothing has been found that convinces the company to take the step. This has to do, as Isomat's founder, Stefanos Tziritis, pointed out, with the fact that in this sector there is not the mobility that is observed, for example, in the field of new technologies, with the result that "it is difficult to find a company that would be interested in this kind of cooperation with us", as he noted.  It is worth noting that the group has a total of 3 production units, of which one is located at the parent company in Greece and the other two at its subsidiaries in Romania and Serbia. In addition, it has 5 commercial subsidiaries in Germany, Russia, Turkey, Bulgaria and Slovenia and export activity in more than 80 countries, with a portfolio of more than 350 products.