Insulation and building materials manufacturer Kingspan said today it has now built up a 92% stake in Nordic Waterproofing.
The Co Cavan-based company said that since it holds more than 90% of the shares in Nordic Waterproofing, it will initiate compulsory redemption proceedings to buy all of the company's remaining shares, in accordance with Swedish law.
It also said it will promote the delisting of Nordic Waterproofing's shares from Nasdaq Stockholm in due course.
After raising its stake to 88%, Kingspan last month said it planned to buy out the remaining 12% of the company for €48.7m.
Nordic Waterproofing is one of the leading providers in the waterproofing market in Northern Europe. It develops, manufactures and distributes a full range of products and solutions for the protection of buildings and infrastructure.
Kingspan bought its first stake in the company in 2022.
