Kingspan completes acquisition of majority stake in Steico

Kingspan Group plc announced that it has completed the acquisition of a majority stake (c. 51%) in Steico SE from Schramek GmbH.  Arising from the transaction, Kingspan has issued 1,004,960 shares to Schramek GmbH. 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 ...