DAVY VIEW

Deals like BMC naturally attract considerable attention but this has not detracted Kingspan from a core objective and strategy of expanding its global leadership in insulated panels. This is evident in the acquisition of a majority shareholding in Grupo LTN, a leading insulated panels manufacturer in Argentina. The transaction marks the entry of Kingspan into Argentina and extends its Latin American presence, which already represents circa 5% of group revenues. The deal is unlikely to have near-term significant financial implications but nonetheless looks strategically sound and fills a coverage gap.