KINGSPAN
USD 82m acquisition of Pactiv's North American Building Insulation business
 Pactiv’s Building Insulation business sells a range of XPS insulation solutions across the US (Photo: Pactiv) |
Construction group Kingspan (Kingscourt / Ireland; www.kingspan.com) is raising its activities in North America. The company recently completed its USD 82m (EUR 65.5m) purchase of Pactiv Corporation’s (Lake Forest, Illinois / USA; www.pactiv.com) "Building Insulation" division. Part of New Zealand’s Rank group, the business concerned produces a range of XPS insulation products sold under the “GreenGuard” brand name as well as vapour barrier sheet. The division posted sales of USD 84m for the financial year that ended in June 2014, at an operating profit of USD 10m.
Commenting on the acquisition, Kingspan CEO Gene Murtagh said, “This investment represents a new and exciting frontier for our Insulation business in North America, giving us particular exposure to the residential sector.” He added that the purchase constitutes a “tremendous opportunity...at a time when North America's focus on energy efficiency and security is at an all-time high."
Commenting on the acquisition, Kingspan CEO Gene Murtagh said, “This investment represents a new and exciting frontier for our Insulation business in North America, giving us particular exposure to the residential sector.” He added that the purchase constitutes a “tremendous opportunity...at a time when North America's focus on energy efficiency and security is at an all-time high."
07.11.2014 Plasteurope.com [229700-0]
Published on 07.11.2014
German version of this article...