Kingspan acquires Brazilian insulated panel manufacturer
Insulation and building solutions firm Kingspan announced on Wednesday that it had acquired a 51% majority interest in Brazilian firm Isoeste Construtivos Isotérmicos.
Construction & Materials
9,469.02
11:09 19/04/24
Kingspan Group (CDI)
€72.80
16:54 17/08/23
Isoeste, the largest insulated panel manufacturer in the South American nation, forecast its full-year sales to be in the vicinity of BRL 500m (€134m).
Gene Murtagh, chief executive of Kingspan, said "We are delighted to create this partnership with the founders of Isoeste, the number one player in Brazil's insulated panels market. Together with our recent investments in Colombia and Mexico, this acquisition firmly places Kingspan in a market leading position across Latin America, with a strong platform for further expansion in the region."
Kingspan had previously said its order backlog across the group pointed to a solid first half overall for the business, but that growth in sales was likely to outpace profit in the period.
In February, Murtagh said, "Through our organic initiatives and acquisition strategy we are developing a truly global business well placed to capitalise on the transition towards a lower energy future."
As of 0800 BST, shares were flat as Kingspan traded at €33.64 per share.