Building materials group Kingspan has bought a British insulation manufacturer for €87 million.
The Xtratherm Group makes rigid board insulation products and has operations in Navan, Co Meath, where it makes polystyrene products.
Kingspan will pay €67 million for the company's shares and will take on up to €20 million.
In addition, Kingspan has entered into an option agreement to purchase a British property used by Xtratherm for €11 million.
Gene Murtagh, Kingspan chief executive, said the deal represents an excellent opportunity for Kingspan to bolster its presence in the rapidly growing insulation markets.
Kingspan added that trading is in line with expectations and that a further update will be issued in early September.
