The Kingspan Group has announced the acquisition of a majority stake in Steico SE. The Cavan based company has acquired 51% of the shares with an option to acquire a further 10% of shares in the future.
Steico is the world leader in natural insulation and wood-based building envelope products, based in Germany and listed on the unofficial markets of several German Stock Exchanges.
In a statement issued to Northern Sound, Gene Murtagh, Kingspan Chief Executive Officer said; "The acquisition of a majority stake in Steico represents an exciting next step in our strategy to provide the full spectrum of insulation products.
"Its suite of wood-based building envelope solutions broadens our ability to enable our customers to meet their sustainability and energy performance needs. Kingspan’s global routes to market, paired with our drive to innovate and widen the applications of Steico’s current technologies, are key to our plans to bring Steico bio-based solutions to the next level."
