Irish insulation and building materials manufacturer Kingspan is set to acquire the building products business of the US-based producer and distributor of food packaging and foodservice products, Pactiv.
Kingspan insulation is one of the market leaders in the production of vacuum panels, and rigid phenolic and rigid urethane insulation. The Herefordshire-based company manufactures technically advanced and thermal insulation products for use throughout the construction industry in residential, commercial and industrial applications.
The building products business of Pactiv manufactures a range of XPS insulation products and breather membranes under the GreenGuard brand and is well established in the North American market. The move is part of Kingspan’s plan to extend the market for its existing brands and to expand its range of insulation technologies.
The reported USD82 million acquisition includes gross assets estimated at USD30 million. However, the acquisition is subject to local approval of licence and permit transfers.
“We are looking forward to offering the North American market some of the best insulation products available in the global construction industry, providing cutting edge technology aimed at helping to beat global warming,” Kingspan’s Managing Director Peter Wilson said.
Earlier this year, Kingspan insulation received two awards – the Large Business Award at the Herefordshire Diamond County Awards and the Manufacturer of the Year, at Herefordshire and Worcestershire Chamber of Commerce’ Business Awards.