Kingspan looks to Belgium

Co Cavan-based building materials group Kingspan is in advanced talks over a takeover deal in Belgium which would see the company significantly expand its insulated panels business in mainland Europe.

Belgian media reports over the weekend suggested Kingspan was set to swoop for Joris Ide, a producer of insulated panels for buildings which employs around 900 people, has operations across western and eastern Europe and revenues of over €430m.

Kingspan yesterday confirmed that it is in advanced discussions with the Belgian group to acquire the business, but added that there was no certainty that the negotiations will lead to a deal being done.