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.

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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)