Kingspan has identified Latin America as the likely next step in its ongoing geographical expansion, with a presence in both Brazil and Mexico likely to be taken over the next few years.

Kingspan has acquired the building products division of Canadian group Vicwest for Can$154.4m (€109.4m).

Specialist building materials group Kingspan expects to see a near 20% increase in trading profit this year, despite management remaining cautious over macroeconomic conditions.

Kingspan is looking to double its revenue contribution from North America in the next five years.

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.