KINGSCOURT, Ireland—Irish building material manufacturer Kingspan Group has made an offer to buy Recticel NV/SA's insulation and flexible foams divisions for $791 million.
The offer, subject to approval by the board of Belgium-based Recticel and the usual regulatory officials, was disclosed April 16.
"There can be no certainty that the offer ... will result in an agreement being concluded or, if concluded, receiving regulatory approvals," the Kingscourt-based company said.
Kingspan also said that it had entered into an exclusive back-to-back agreement with a third party for the disposal of Recticel's flexible foams business, if the deal is completed.
The Irish group has been on the acquisition trail lately, spending over $700.5 million for 10 acquisitions over the past two years.
The largest of these deals was the acquisition, in March 2017, of the Spanish polyurethanes business, Synthesia International, Poliuretanos and Huurre, which the group said would give it a leading position in both insulated panels and insulation boards on the Iberian Peninsula.