Kingspan CEO Gene Murtagh
Cavan-based insulated products maker Kingspan has formally launched a takeover offer for the almost 70pc of shares it does not own in Sweden’s Nordic Waterproofing, where it was already the biggest shareholder.
The offer had been effectively triggered when Kingspan lifted its stake in the firm to over 30pc.
It values the Swedish business at around SEK3,853 (€325m). The offer is SEK160 in cash per share.
The acceptance period is expected to start on or about November 23 and expire on or about February 1, 2024.
Kingspan CEO Gene Murtagh said Nordic Waterproofing had a strong product and service offering across the Nordic region.
“It is a complementary geographical fit with our expanding roofing and waterproofing division. We will continue to develop the business regionally with an enhanced range of roofing solutions,” he said.
In recent months, Kingspan has also acquired a majority stake of German group Steico SE. Steico provides timber-based insulation.
Last month, the Irish insulated construction materials maker confirmed it recently had “informal” discussions on a potentially much larger scale tie-up with US business Carlisle Companies.
While Carlisle rejected the proposal for a deal, the report added that the Arizona-based business had signalled it would be open to looking at a more attractive offer.
The North American roofing space remains a key area of interest, Kingspan reported.
In a trading update over the summer, Kingspan reported it had invested a total of €271m in acquisitions and capital expenditure in the first half of 2023. It had total earnings before interest, tax, depreciation and amortisation (Ebitda) of €1bn last year.
A tie-up with Carlisle would potentially significantly reshape the Dublin stock market-listed business, which is heavily skewed towards European markets.
Around €1.8bn of the group’s €8.3bn revenue last year was generated in the Americas.
Just under €6bn in sales was recorded in Europe.
www.independent.ie
https://www.independent.ie/business/kingspan-formally-launches-takeover-for-nordic-roofing-maker/a314571270.html
