Kingspan to buy Logstor in €253m deal
Irish building materials group Kingspan has agreed to buy Logstor for around DKK1.82bn (€253m).
Logstor is a supplier of technical insulation solutions encompassing complete pre-insulated pipe systems for District Energy and associated applications. Its primary markets are in Scandinavia, Germany, Netherlands, Poland and France, but it also operates in other European countries as well as North America, and the Middle East.
The business has seven manufacturing facilities in Denmark, Finland, Poland and Sweden, and employs around 1,100 people in 14 different countries.
The acquisition, which is conditional on regulatory clearance, is expected to complete around the middle of the year.
Kingspan chief executive officer Gene Murtagh said: "The acquisition of Logstor marks an important step for Kingspan, as part of our strategy to develop our technical insulation proposition as a complementary business to core building insulation.
"Logstor is a great company with a dedicated workforce and superior products in an industry that will see strong growth in the years to come. We are looking forward to supporting its ambitious journey ahead."