Saturday 20 April 2019

Kingspan makes €700m offer for insulation arm of Belgian group

Kingspan chief executive Gene Murtagh
Photo: David Conachy
Kingspan chief executive Gene Murtagh Photo: David Conachy
Ellie Donnelly

Ellie Donnelly

Kingspan has made a €700m offer for the insulation and flexible foams division of Recticel, a Belgian insulation materials group.

The offer is subject to approval by the board of Recticel, as well as the usual regulatory requirements.

Subject to the successful completion of the acquisition, Kingspan has entered into an exclusive back to back agreement with a third party for the disposal of all of the flexible foams businesses.

In a statement, the Cavan-headquartered Kingspan said there is no certainty that its offer will be accepted.

A further announcement will be made if and when appropriate, the group added.

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