Kingspan buys US group for €75m

KINGSPAN, the building products group that is due to announce a dip in earnings, has bought a US panels group for $111 million (€75m).

The acquired business, Metecno Inc, is a global manufacturer of composite sandwich panels and a subsidiary of the Metecno Group.

“While composite panels have traditionally occupied only a very small position in the North American market, we believe that a combination of environmental and energy cost pressures, together with a market leading position, can pave the way for a growing penetration of this product range in the medium term,” said Kingspan chief executive, Eugene Murtagh.