Deal set to wrap up next year

Kingspan is paying 鈧�251m (拢216m) for a majority stake in in natural insulation and wood-based building envelope products manufacturer Steico.

The Germany-based business posted revenue of 鈧�445m (拢382m) last year and earnings of 鈧�90m.

kingspan (2)

Source: Shutterstock

Kingspan said it has an option to raise its stake in its new acquisition by a further 10%

It has four production sites in Poland France and is set to post revenue this year of 鈧�378m.

Kingspan said it has an option to buy another 10% stake in the firm in the future with the initial deal for the 51% stake set to be rubber-stamped by early next year.

The Irish building materials firm is due to release its interim results on 18 August.

Topics