Germany based Steico specialises in natural insulation and wood-based building envelope products
The Kingspan Group has acquired a 51% controlling stake in Germany-based Steico SE for approximately US $282mn. The firm said it has an option to acquire a further 10% of shares in the German company in the future.
Steico specialises in natural insulation and wood-based building envelope products, and operates four large production sites comprising 27 lines in Poland and France, with additional capacity nearing completion.
“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,” said Gene Murtagh, CEO of Kingspan.
Udo Schramek, CEO of Steico added, “We are now entering the next phase of growth and are very enthusiastic about the collaboration opportunities Kingspan brings, in both the existing Steico range and across the Kingspan portfolio and geographies. I am excited about the future for Steico and about being invested in the future growth of both companies.”
The existing Steico executive management will be retained, and upon closing of the deal Kingspan said it would seek “fair representation” on Steico’s administrative board.