Kingspan shares jump 3% after €60m US acquisition

Shares in Kingspan jumped more than 3% yesterday on the back of the Cavan-based building materials group spending over €60m on a strategic acquisition in the US.

The insulation specialist announced yesterday that it has reached agreement to purchase the building insulation division of US packaging firm, Pactiv for $82m (€61.3m), with the deal subject to local approval of licence and permit transfers.

Kingspan chief executive, Gene Murtagh said the latest investment represents “a new and exciting frontier” for the group’s insulation products business in North America, as it provides particular exposure to the residential market there.