Kingspan increases shareholding in Nordic Waterproofing to 92%

Cavan insulation firm to promote Swedish roofing company's exit from Swedish stock exchange 'in due course'

Kingspan chief executive Gene Murtagh. THe company said on Monday it plans to delist Nordic Waterproofing as it completes a takeover of the Swedish firm. Picture: Leah Farrell/RollingNews.ie

Insulation giant Kingspan is to delist Swedish company Nordic Waterproofing as it completes its takeover of the roofing firm, the Irish company said on Monday, confirming it has increased its shareholding to more than 90%,

Cavan-based Kingspan has invested in the company since 2022 and acquired a controlling stake in Nordic last October as it expands its roofing and waterproofing division. After raising its stake to 88%, Kingspan last month said it planned to buy out the remaining 12% of the company for €48.7m.

"Further to our announcement on 4 February, Kingspan is pleased to announce that it has acquired additional shares in Nordic Waterproofing and currently holds 92% of the total shares and voting rights in Nordic Waterproofing," a company statement said.

"Since Kingspan now holds more than 90% of the shares in Nordic Waterproofing, Kingspan will initiate compulsory redemption proceedings to acquire all remaining shares in Nordic Waterproofing, in accordance with Swedish law. Additionally, Kingspan will promote the delisting of Nordic Waterproofing’s shares from Nasdaq Stockholm in due course."