Insulation company Kingspan have announced that it has entered into an agreement with ThyssenKrupp Steel Europe AG to acquire 100% of the share capital of various companies which comprise ThyssenKrupp Construction Group, the leading European insulated panels business.
The group, which includes market leading brands Hoesch, Isocab and EMS, has seven invested manufacturing plants in Germany, France, Belgium, Austria and Hungary.
The business had sales in the year to March 31 2012 of €315m and recorded an operating loss of €5.7m in the period. It has gross assets of circa €101m.
The purchase consideration is circa €65m, of which circa €50m is payable in cash on completion and circa €15m represents assumed past service pension liabilities.
Separately, Kingspan have also announced that they have acquired 100% of the share capital of Rigidal Industries LLC, a leading Middle Eastern manufacturer of composite panels and roofing systems.
Gene Murtagh, Kingspan CEO, said: “These acquisitions are an exciting development for Kingspan. The ThyssenKrupp business will transform our Mainland Europe insulated panels market presence in a region where market penetration is growing, rooted in the need for more energy efficient buildings.
"The Rigidal Industries LLC business is an excellent platform to develop our existing business and market presence in the Gulf region where demand is growing. These acquisitions represent another step in furthering the Group’s global presence and route to market.”