Companies
Kingspan buys majority stake in German building firm
Cavan-based materials giant is paying initial consideration of €35 per share for the stake in Steico, or about €251 million
Kingspan, the Cavan-based insulation and materials giant, has agreed to buy a majority stake in Steico SE, the German building materials company.
Kingspan is acquiring a 51 per cent stake in Steico from founder Udo Schramek, both companies said. Schramek will retain 10.1 per cent of Steico’s shares for the time being and remain as chief executive officer.
It is believed Kingspan is paying initial consideration of €35 per share for the stake in Steico, ...
