Kingspan Group plc is pleased to announce that it has entered into an agreement with Schramek GmbH (“Schramek”) to acquire c.51% of the shares of Steico SE (“Steico”), with an option to acquire a further c.10% of shares in Steico in the future.
Steico is the world leader in natural insulation and wood-based building envelope products, based in Germany and listed on the unofficial markets of several German Stock Exchanges. It has a very well invested asset base, with four large production sites comprising 27 lines situated in Poland and France, with additional capacity nearing completion with up to €200m revenue headroom.
In addition to Steico’s existing ambitious growth plans there is anticipated significant long-term leverage via the Kingspan sales channels. The existing Steico executive management team will be retained in the business and will continue to manage and develop the business. The acquisition is conditional on regulatory clearance and is expected to be completed in early 2024. Following completion, Steico will continue to maintain its listings on the German Stock Exchanges.
Gene Murtagh, Kingspan Chief Executive Officer, commented: “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.”
