PRODUCT PROFILE

Latest Dublin Prices

NAME
LATEST
CHANGE
Aer Lingus 1.35 0.00 more
BoI 0.30 0.01 more
CRH 16.43 -0.12 more
Glanbia 11.03 0.03 more
Greencore 0.64 -0.02 more
Ind. News 0.12 0.01 more
Ryanair 7.08 0.11 more

 

Kingspan buys US business for USD82m

Monday, August 18 11:02:09

Irish insulation materials group, Kingspan, today said it will buy the US building insulation business of Pactiv for USD82m.

Pactiv produces a range of insulation products under the GreenGuard brand which it sells throughout the US from its manufacturing base in Virginia. The business had sales of $84m for the year to June 2014 and reported operating profits of $10m.

Kingspan said it will fund the deal through its existing cash resources.

The deal is still subject to local approval of licence and permit transfers, the Co Cavan-based firm added.

Kingspan's CEO Gene Murtagh said that the deal represents a "new and exciting frontier" for its insulation business in North America, giving the company particular exposure to the residential sector.

"It is a tremendous opportunity for Kingspan to build upon the growing success of our existing insulated panel business throughout the region, and at a time when North America's focus on energy efficiency and security is at an all-time high," Mr Murtagh added.

For more visit: www.businessworld.ie