Kingspan’s €240m bid for Belgian firm ‘turned down’
A report by Belgian newspaper L’Echo said that Kingspan approached Brussels-based firm Recticel with a view to buying its insulation division — Kingspan’s own main area of focus — which accounted for around 13% of the Belgian company’s sales and nearly 60% of its profits in 2009.
The report — which quoted a Recticel spokesperson as saying, “insulation is, simply put, our division with the most potential” — said that the offer was made during the middle of last year, with the Belgian firm refusing on the grounds that it considered most of its growth potential to come directly from the insulation division. Kingspan declined to comment on the report.
