Global building materials company Kingspan Group has expanded its presence with an exciting new acquisition.

The Ireland-based firm has acquired Thermakraft Ltd, a leading manufacturer of building wraps and roofing underlay in New Zealand and Australia.

Thermakraft, which was founded in New Zealand in 1986 where it supplied breathable membrane and underlay, before later moving into the Australian market with the acquisition of the Australian Mesh (Ausmesh) business in 2017.

Kingspan Insulation products will complement Thermakraft's range by providing next generation insulation solutions, satisfying the need for better insulated, condensation resistant buildings.

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This is a significant strategic acquisition for Kingspan as it seeks to capitalise on Thermakraft's leading market position and the product synergies that exist between high performance insulation and synthetic building membranes.

"Thermakraft shares our passion for better building performance," said Alan Lawlor, Divisional Managing Director Kingspan Insulation. "Breathable membranes and underlays are an important part of creating energy efficient homes. Thermakraft and Ausmesh occupy leading positions in their respective segments and will add significant customer and product enhancements to our New Zealand and Australia business."

Dwayne Warby, Managing Director, Thermakraft added: "Our business is a real Kiwi success story, trusted to provide a durable last-line-of-defence layer between the weather and what's inside. Like Kingspan, Improvement is part of our culture because we know that moving forward means never standing still."