Building materials manufacturer Kingspan Group acquired Joris Ide Group from Steel Partners for reportedly €315m. Joris Ide, which makes insulated panels and other building products, operates on the Romanian market as Megaprofil Buzias. Joris Ide has 16 factories in six other countries, including Belgium, Holland, France, Germany, Hungary and Russia.
“The acquisition of Joris Ide Group represents a quantum leap forward in the execution of our strategy to fully globalise Kingspan,” said Kingspan chief executive Gene Murtagh. “It takes us into a distinctly different tier in the market than typically occupied by Kingspan branded products, and with its operations in Belgium, France, Germany, Romania and Russia significantly extends the reach of our group.” The deal must be approved by the European Commission. It is expected to close by the end of March.
