Building materials group Kingspan has acquired a 51% stake in Brazilian firm Isoeste for an undisclosed sum. 

Isoeste is an insulated panel maker with four factories employing over 600 staff. It expects to generate sales of over €130m this year.

The deal marks the third significant investment in Latin America for CoCavan-based Kingspan in the past 12 months. 

In April the company bought another insulated panel maker in Colombia, while it has also built a new plant in Mexico.

"Together with our recent investments in Colombia and Mexico, this acquisition firmly places Kingspan in a market leading position across Latin America, with a strong platform for further expansion in the region," commented the company's chief executive Gene Murtagh. 

Shares in the company moved 3.28% higher in Dublin trade today.