By Will Soutter
Kingspan Group has inked a purchase and sale contract to acquire the Construction Group of ThyssenKrupp Steel Europe. The acquisition is subject to approval by the responsible regulatory authorities and the supervisory bodies.
ThyssenKrupp Steel Europe, which took the decision to divest the Construction Group in October 2011, anticipates the closing to happen in the coming weeks. The Construction Group is one of the largest manufacturers of lightweight steel construction materials in Europe for use in facades, walls, floors, roofs of industrial buildings and in cold room construction.
The Construction Group provides customized solutions to building owners, planners, engineers and architects for construction with steel. Hong Kong airport, Melbourne sports stadium and Stuttgart exhibition center are some of the remarkable application examples.
The Construction Group fabricates superior quality products for use in the construction industry by processing roughly 120,000 tons of steel manufactured by ThyssenKrupp Steel Europe. It produces approximately 13 million m2 of insulated profiles and panels annually. The Construction Group includes ThyssenKrupp Bausysteme, Isocab, and Hoesch Bausysteme and has nearly 780 employees. It has plants in Hungary, Belgium, France, Austria and Germany, as well as global distribution companies. Its sales for the year ended March 31, 2012 was approximately €315 million.
Kingspan Group has been manufacturing construction and insulating materials for more than three decades and has 6,000 employees at nearly 50 manufacturing sites worldwide. The company reached €1.5 billion in sales in 2011. It will now strategically expand the Construction Group and reinforce its presence in the European market.