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Jul 18 2023, 07:05 IST/BST
Kingspan Group
Announces acquisition of a majority stake in Steico SE
- Sectors : Building products
- Companies : Kingspan Group
DAVY VIEW
Kingspan has agreed to acquire around 51% of the shares in Steico, with an option to increase its shareholding to 61% in the future. The investment represents further progress in Kingspan’s strategy to provide the full spectrum of insulation products. Steico is a leader in natural insulation and wood-based building products and the initial investment will be just over €250m. It is known that 2023 will be a difficult year for Steico, but Kingspan is clearly prepared to take a longer-term view on the business and its potential.
