Deal includes option for further purchase of Steico shares

Kingspan has completed its acquisition of a majority stake in German insulation firm Steico. 

In a deal announced on Friday, the Irish materials giant acquired a 51% stake in the business from Schramek, with an option to acquire around a further 10% of shares in Steico in the future. 


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Steico has four production sites in France and Poland

When rumours of the deal first surfaced last July, reports suggested the Irish materials would pay €251m (£216m) for the deal. 

Steico, which specialises in natural insulation and wood-based building envelop products, posted revenue of €445m (£382m) and earnings of €90m in the year ended 31 December 2022. 

It has four production sites in Poland and France, with additional capacity nearing completion.  

Kingspan’s chief, Gene Murtagh, said: “The acquisition of a majority stake in Steico represents an exciting next step in our strategy to provide the full spectrum of insulation products.”

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The acquisition is conditional on regulatory clearance, which is expected to complete early this year.  

In November, Kingspan announced it expected to deliver a record full year profit of roughly €875m (£757m).  

In a trading update it said the fourth quarter would bolster its results after a slightly depressed performance in the first nine months. 

The firm releases its 2023 results in the middle of next month.