Kingspan receives competition approval for Vicwest deal

Kingspan has received regulatory approval to buy the building products division of Vicwest for Can$154 million (€109 million).

The insulation manufacturer said on Wednesday it had reached a consent agreement with the Canadian Competition Bureau to proceed with the deal, which was announced in November.

Vicwest’s building products division consists chiefly of three insulated panel manufacturing plants in Hamilton in Canada and Arkansas and California in the US. Kingspan already has a Canadian business with manufacturing facilities in Ontario and British Caledonia in Canada.

The consent agreement requires Kingspan to dispose of an insulated metal panel facility at Hamilton Ontario following completion of the acquisition.

Having already been approved by the shareholders of Vicwest and by the Ontario Superior Court of Justice, the transaction is now expected to complete shortly.

Kingspan said in February that it will pull back from the acquisitions trail this year while it focuses on completing both the Vicwest deal and a second acquisition, a deal to buy Belgian rival Joris Ide for €315 million, details of which were announced in January.