KINGSCOURT, Ireland—Kingspan has been given unconditional regulatory clearance for the acquisition of Logstor. It expects the deal to close by the end of the month, according to a company announcement.
Kingspan will pay $301 million to Langley CoInvest when the deal completes. The deal is being funded from Kingspan's existing credit facilities.
In 2020, Logstor's sales were $288 million, and the company made a trading profit of $33.6 million. Kingspan said it expects the deal to increase earnings by about $19 million per year.
Kingspan said Logstor's management would stay in place, and that the division will trade under its existing name.
"This is an important step for Kingspan, as part of our strategy to develop our technical insulation proposition as a complementary business to our core building insulation," CEO Gene Murtagh said.
He said there will be strong growth in this type of insulation product in the future.
