Deal includes option for further purchase of Steico shares
Kingspan has completed its acquisition of a majority stake in German insulation firm Steico.
In a deal announced on Friday, the Irish materials giant acquired a 51% stake in the business from Schramek, with an option to acquire around a further 10% of shares in Steico in the future.
When rumours of the deal first surfaced last July, reports suggested the Irish materials would pay 鈧�251m (拢216m) for the deal.
Steico, which specialises in natural insulation and wood-based building envelop products, posted revenue of 鈧�445m (拢382m) and earnings of 鈧�90m in the year ended 31 December 2022.
It has four production sites in Poland and France, with additional capacity nearing completion.
Kingspan鈥檚 chief, Gene Murtagh, said: 鈥淭he acquisition of a majority stake in Steico represents an exciting next step in our strategy to provide the full spectrum of insulation products.鈥�
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The acquisition is conditional on regulatory clearance, which is expected to complete early this year.
In November, Kingspan announced it expected to deliver a record full year profit of roughly 鈧�875m (拢757m).
In a trading update it said the fourth quarter would bolster its results after a slightly depressed performance in the first nine months.
The firm releases its 2023 results in the middle of next month.
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