Poland/Spain: Kingspan Group plans to buy Spain’s Synthesia group and Poland’s Balex Metal. Although no exact figure has been released, Kingspan has agreed to spend Euro620m on ten acquisitions, including Synthesia and Balex, so far in 2017.
"These latest acquisitions mark a signiﬁcant strategic step forward for Kingspan. They are a perfect ﬁt for our existing businesses and geographic footprint, and in addition provide a technology platform that will complement our on-going innovation pipeline and the development of next generation insulation," said Gene Murtagh, chief executive oﬃcer (CEO) of Kingspan.
Kingspan’s acquisition of Synthesia includes its Huurre and Poliuretanos businesses that produce insulation products in Spain, Portugal and in Central and South America. The deal includes a technology platform for blended chemical systems similar to those used throughout the wider Kingspan Group. Synthesia is headquartered near Barcelona, with eight manufacturing facilities across Northern Spain and Panama and approximately 575 employees across all businesses. The acquisition agreement is conditional on regulatory clearance, and is expected to complete during the ﬁrst quarter of 2018.
Kingspan has also agreed to acquire Balex Metal, a Polish insulation producer. The Balex acquisition is conditional on regulatory clearance, and is expected to complete towards the end of the ﬁrst quarter of 2018.