Kingspan acquires Leanort

Construction materials company Kingspan has announced it has entered into an agreement to acquire 100% of Leanort Ltd, a holding company for the Hytherm and Xtratherm businesses. The agreement is subject to certain conditions including Competition Authority approval.

Xtratherm is a leading polyisocyanurate (“PIR”) rigid board insulation manufacturer in the UK and Irish markets, operating from Chesterfield in Britain and Navan, Co Meath.

The business also produces polystyrene (“PS”) board insulation products in Ireland. The acquisition gives Kingspan access to production capacity in the United Kingdom at a time when demand for insulation products is expected to increase due to economic and regulatory pressures.

The total cost of the acquisition is €87m - €67m for the acquisition of shares plus up to €20m of debt to be assumed at completion.

Kingspan also reported that trading throughout the group continues in line with expectations.