Joris Ide is a pan-European manufacturer and supplier of insulated panels, profiles and related accessories. It has five insulated panel manufacturing facilities in Belgium, Germany, Romania and Russia, and 11 regional manufacturing sites across Europe. Kingspan sees the acquisition as providing a complementary geographic footprint to its existing European insulated panel business.
In the 12 months to 31 December 2014, Joris Ide had unaudited revenues of €465m and earnings before interest, taxes, depreciation, and amortisation of €36m.
The existing management team of Joris Ide will be retained in the business, and will continue to manage and develop the business distinct from the Kingspan brand. The acquisition is conditional on regulatory clearance, and is expected to complete towards the end of the first quarter of this year.
Kingspan chief executive officer Gene Murtagh said: "The acquisition of Joris Ide Group represents a quantum leap forward in the execution of our strategy to fully globalise Kingspan. It takes us into a distinctly different tier in the market than typically occupied by the Kingspan branded products, and with its operations in Belgium, France, Germany, Romania and Russia significantly extends the reach of our Group."
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