Irish company Kingspan is set to acquire a 51% stake in Steico SE, a leading German natural insulation business. The deal, valued at €251.4m, will be paid in cash and shares, with additional payments based on performance. Kingspan will also have the option to increase its stake to 61%. The agreement, between Kingspan and Schramek GmbH, involves the acquisition of shares in Steico. Steico is known for its natural insulation and wood-based building envelope products, making it a global leader in the industry. The company has four production sites in Poland and France, with additional capacity in the works. In the past year, Steico generated operating revenues of €445m and earnings of €90m. Kingspan plans to expand its portfolio of insulation products with this acquisition, aligning with its strategy to meet sustainability and energy performance needs. The transaction is expected to be completed in early 2024, pending regulatory approval. Kingspan CEO Gene Murtagh expressed confidence in the acquisition, stating that it will enhance the company’s ability to offer a comprehensive range of insulation solutions and enable the growth of Steico’s bio-based technologies.
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