Kingspan sells non-core unit

Kingspan, the Cavan-based building products group, has sold its stake in British-based CMS Pozament to Tilcon, a British cement company for £1 million sterling (€1.5 million). Kingspan acquired its stake in the specialist cement manufacturer as part of its acquisition of Hewetson in January. Disposing of it would allow Kingspan to concentrate on Hewetson's core raised access flooring business, it said. Kingspan held a 50.1 per cent stake in CMS Pozament in a joint venture with HSC UK Ltd, another speciality cements group.