Kingscourt, Ireland – Irish building material manufacturer Kingspan Group has made an unsolicited offer to buy Recticel’s insulation and flexible foams divisions for €700m, the company announced on 16 April.
The offer is subject to approval by the board of Belgium-based Recticel. It is also likely to attract the attention of the competition authorities.
'There can be no certainty that the offer to the board of Recticel will result in an agreement being concluded or, if concluded, receiving regulatory approvals,' Kingspan said.
The company 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 more than EUR 620m for 10 acquisitions over the past two years.
The largest of these deals was the March 2017 acquisition of the Spanish PU insulated boards business, Synthesia International, trading under the names Poliuretanos and Huurre. Kingspan said would give it a leading position in both insulated panels and insulation boards on the Iberian Peninsula.
By Shahrzad Pourriahi, Plastics News Europe