Kingspan Announces Acquisition Of US Firm

Kingspan, the Irish insulation and building materials manufacturer, has said it is to acquire US firm Pactive.

Subject to local approval of licence and permit transfers, the deal will be worth $82m.

The acquisition involves the building insulation business of Pactiv. It produces a variety of insulation products under the GreenGuard brand which it sells in the US.


In a statement, Kingspan's CEO Gene Murtagh, said the agreement represents a "new and exciting frontier" for its insulation business in the north of America.

He added: "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."

Kingspan, which is based in Co Cavan, has said the acquisition will be funded from its existing cash resources.

(JP/IT)