Irish construction group Kingspan (Dublin; www.kingspan.com) went on a EUR 105m buying spree in August 2012, acquiring not only ThyssenKrupp Steel Europe (Duisburg / Germany; www.thyssenkruppsteeleurope.com) subsidiary ThyssenKrupp Construction, but also Dubai-based Rigidal Industries (United Arab Emirates; www.rigidal.com). The deals, which are subject to regulatory approval, will significantly strengthen Kingspan’s panels and roofing systems business.

The Irish group will pay EUR 65m for ThyssenKrupp Construction, which operates seven plants in Germany, France, Belgium, Austria and Hungary and posted sales of EUR 315m in the financial year ended 31 March 2012, with an operating loss of EUR 5.7m. Kingspan said it would pay about EUR 50m of the sum in cash with the remaining EUR 15m consisting of past service pension liabilities.

The Rigidal acquisition amounts to USD 38.6m, of which Kingspan will pay USD 30m once the deal has been approved. The Dubai-based company manufactures composite panels and roofing systems, which it markets throughout the Middle East. Rigidal posted sales of USD 39m in the year ended 30 June 2012.