Building materials group Kingspan has bought the US businesses of composite panels maker Metecno in a deal worth around $111m (€75m).
Metecno operates under the ASI, API and Benchmark brands and is the second largest manufacturer of composite sandwich panels in the US market. It operates from three sites - in Florida, Ohio and California.
Metecno also has an architectural metal wall and roof panel profile business, operating under the Morin brand, at two sites in Connecticut and California.
Kingspan says the deal gives it 'critical mass' in the US at a time when demand for insulation products is expected to increase due to pressure for more energy-efficient building.
Kingspan will pay €58m in cash, while it is also taking on Metecno's bank debt.
Kingspan shares closed up 66 cent to €7.30 in Dublin this afternoon.
