Armacell chief executive Patrick Mathieu told Reuters the company hoped to enter exclusive talks with one bidder early next year and close the deal within the first quarter.
He added that “in my eyes, it is worth more to a private equity investor than to a strategic one”.
It is believed the company, one of the largest of its kind in the world, could fetch more than €300m.
Investcorp bought the business for an undisclosed amount in 2006.
Armacell’s products are mainly based on polyethylene technologies and elastomerics, its core market segment, which commands a global market share of close to 50 per cent – more than twice the size of its closest competitor.
The company spun out of Armstrong World Industries in 2000 and today has operations in the US, South America, Central and Eastern Europe, Russia and Asia.
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