Kingscourt, Ireland – Polyurethane insulated panel maker, Kingspan could pay up to RON 410m ($99m) to buy the insulated panels business of TeraPlast.
The deal needs to be approved by Teraplast shareholders and regulators, but TeraPlast expects it to complete in three to six months. According to an announcement on the TeraPlast website, the agreement covers assets held in its TeraSteel Romaina, TetraSteeel Serbia, Wetterbest, Cortina and TeraSteel Slovakia businesses.
The price could be lower depending on a number of accounting conditions.
Iona Birt, TeraPlast finance director said the deal had 'managed to create value for our shareholders.'
In the first half of 2020, the TeraPlast group had sales of RON487m, up 17% on 2019. Group EBITDA was RON52.7m up 49% on RON 35.3m in the same period in 2019.
This is Kingspan's second attempt at purchasing another business in the first half of 2020. It announced it was pulling out of an attempted take-over of UK-based sandwich panel supplier Building Solutions in May.
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