14 Dec 2009 16:10
Kingspan Group Plc
Kingspan acquires AIR-CELL Innovations
Kingspan Group Plc, one of the world's largest manufacturers of premium and high performance rigid insulation materials, has acquired Australian company AIR-CELL Innovations Pty from the existing management team of Brian Tikey, Scott Gibson and Sancell Pty Ltd.
AIR-CELL is a market leading distributor of flexible reflective insulation foil products. The company, which has its headquarters in Perth, Western Australia, has an inter-state presence across the Australian market and distributor networks throughout Australia, New Zealand, Asia, the Middle East, and the Pacific.
AIR-CELL had sales of AUD23mn in the year to June 2009, and gross assets of AUD11.7mn.
Kingspan Group already has existing businesses in the Australian market through its insulated panel division (formerly called Eurobond Pacific) and an insulation board sales presence.
Commenting on the transaction Peter Wilson, Managing Director of Kingspan's Insulation Division, said "The acquisition of the business and its comprehensive route to market adds a new product to Kingspan's product portfolio, as well as presenting further opportunities to enhance Kingspan's existing insulation board sales in the Australian and New Zealand markets. The current Australian regulatory environment should prove beneficial to insulation products in these markets in the coming years."
14 December 2009
Lorcan Dowd
Company Secretary
+ 353 42 9698000