Kingspan has said that its acquisition of Pactiv’s US building insulation business for US$82m was completed last Friday.
The deal was announced on 18 August 2014. Kingspan said there were no material changes to the terms of the acquisition as originally announced.
Kingspan CEO Gene Murtagh described the investment as a “new and exciting frontier” for the company’s insulation business in North America, giving it particular exposure to the residential sector. “It is a tremendous opportunity for Kingspan to build upon the growing success of our existing Insulated Panel business throughout the region, and at a time when North America’s focus on energy efficiency and security is at an all-time high.”
Shares in Kingspan were up slightly in early morning trading in Dublin to €12.55.