Kingspan completes acquisitions
Insulation and building materials specialist Kingspan has completed the acquisition of ThyssenKrupp and Rigidal Industries.
The Cavan-based company today confirmed the acquisition of ThyssenKrupp Construction Group, the insulation business of German steel giant ThyssenKrupp, for a total consideration of €65 million. The company acquired Dubai-based Rigidal Industries for €31.44 million last week.
German-based ThyssenKrupp’s steel business operates seven separate sites across mainland Europe.
Kingspan products have already been used in the construction of major projects in the Gulf States such as Dubai airport and Dubai metro.
The group has increased its focus outside the Republic since the recession bit in 2007. Last year Britain and Northern Ireland accounted for 39 per cent of its €1.55 billion sales. Europe amounted to 38 per cent, North America 14 per cent and Australasia 4 per cent.
Kingspan, which has a strong balance sheet, has long indicated its interest in acquiring businesses particularly in Europe and the US.
Earlier this year, the business walked away from the race to buy Metlspan, a North American subsidiary of Australian-listed Bluescope, as it believed the price was too high.
The building materials group has reported a 19 per cent year-on-year increase in trading profits for the first half of 2012, and expects more than half of its business to be in continental Europe next year.