Kingspan in £80m business takeover
Insulation group Kingspan, which has a manufacturing base in Bangor, has completed two acquisitions at a total cost of almost €100m (£80m).
Kingspan is paying €65m to buy the insulation panels business of ThyssenKrupp Steel. That doubles the Cavan firm’s annual panels sales on mainland Europe to over €600m. The purchase price includes €50m in cash, with a further €15m in assumed and past service pension liabilities.
The ThyssenKrupp division made a €5.7m operating loss in the year to the end of last March on €315m of sales.
Kingspan has also completed the $38.6m (€30.1m) purchase of Dubai-based insulation maker Rigidal Industries, its first purchase in the Middle East.
Kingspan said there are no material changes to the terms of the transactions as originally announced.