Product supplier buys board insulation manufacturer for 拢59.8m.
Irish construction products firm Kingspan has acquired board insulation manufacturer Xtratherm for 拢59.8m.
Xtratherm, based in Chesterfield in the UK and Co Meath in Ireland, makes polystyrene polyisocyanurate rigid board insulation.
Kingspan paid 拢46.1m for shares in the firm and took on up to 拢13.8m debt.
Kingspan will also enter into an option agreement to buy Xtratherm's UK property for 拢7.6m
Kingspan chief executive officer Gene Murtagh said the acquisition would help Kingspan bolster its presence in the UK and Ireland during a busy period for the sector.
He added: "The increased output and spare capacity which Xtratherm brings to Kingspan represents an excellent opportunity to generate operational and capital expenditure savings and to harness the next wave of demand, driven by the regulatory and energy saving requirements of the market."
