Kingscourt, Ireland – Kingspan is buying Logstor, an insulated pipe maker based in the Danish town of Logstor.
Kingspan moves into pipe insulation
Murtagh: strategic purchase
Kingspan will pay DKK 1.885bn ($301m) to Langley Co-Invest when the deal completes, which is likely to be in the middle of the year. The deal is being funded from Kingspan's existing credit facilities.
In 2020, Logstor's sales were DKK1.8bn, and the company made a trading profit of DKK210m. Kingspan said that it expects the deal increase earnings by about EUR16m/year ($19m).
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 busines to our core building insulation,' said CEO Gene Murtagh.
He added that there will be 'strong growth' in this type of insulation product in the future.
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