Kingscourt, Ireland -- Kingspan is now the sole owner of pipework insulation maker Kingspan Tarec, after completing the purchase of Recticel’s 50% stake in the business, Kingspan said today in a statement.
The Tarec business is made up of Kingspan Tarec Industrial Insulation in Turnhout, Belgium and Kingspan Tarec Industrial Insulation Glossop, United Kingdom. The joint venture was formed in 2006, the firm develops and makes pipework insulation for building services, process, petrochemical and refrigeration applications. It realised annual sales figures of £25 million in 2014.
Peter Wilson, managing director of Kingspan Insulation said he planned to move the business into new territories: "We look forward to working with Kingspan Tarec to broaden our products and services offerings across Europe and beyond.”