Kingspan Group acquires majority stake in Steico

Kingspan Group has entered into an agreement with Schramek GmbH to acquire 51% of the shares of Steico SE, with an option to acquire a further 10% of shares in Steico in the future. Steico is the world leader in natural insulation and wood-based building envelope products, based in Germany. It has a very well invested asset base, with four large production sites comprising 27 lines situated in Poland and France, including additional capacity nearing completion with up to Euro 200 million revenue headroom. Steico had audited operating revenues of Euro 445 million in the 12 months ...