Kingspan eyes €300m acquisition

CAVAN-headquartered building materials group, Kingspan is considering sizing up a €300 million-plus acquisition in Germany, in a bid to expand in the country which accounts for nearly 10% of its annual revenues.

The building insulation specialist is being linked with a move for part of German industrial giant, ThyssenKrupp.

Kingspan’s chief executive, Gene Murtagh this week told the German press that the company could acquire in the country; adding that buying a company with a turnover of around €300m would be a good way to expand Kingspan’s existing German-based operations. Mr Murtagh made his comments in an interview with German newspaper, Handelsblatt — the country’s equivalent of the Financial Times. He added that Kingspan is currently under-represented in Germany and sees potential for growth there.