We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Kingspan Group Plc | LSE:KGP | London | Ordinary Share | IE0004927939 | ORD EUR0.13 (CDI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 72.80 | 72.50 | 73.10 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMKGP
RNS Number : 5364Z
Kingspan Group PLC
15 December 2017
Kingspan Group plc
Investment Update
15 December 2017
Kingspan Group plc ("Kingspan"), the global leader in high performance insulation and building envelope solutions, today issues an Investment Update.
In total year to date, Kingspan has committed investment of over EUR620m on ten acquisitions (including the three announced today and the previously announced acquisitions of Isoeste in Brazil and CPI in the United States) with combined annualised revenues of c. EUR750m.
The largest of these is the proposed acquisition of 100% of the Synthesia group ("Synthesia"), consisting of three operating businesses: Synthesia International, Poliuretanos and Huurre. Synthesia had Revenues for the year to 31 December 2016 of EUR275m and EBITDA of EUR33m for the same period. Unaudited revenues and EBITDA for the twelve months to 31 August 2017 were EUR314m and EUR24m respectively. Through its Huurre and Poliuretanos businesses, the Synthesia group gives Kingspan a leading position in both Insulated Panels and Insulation Boards on the Iberian Peninsula and strengthens its emerging Insulated Panels presence in Central and South America. It also provides an excellent technology platform for blended chemical systems similar to those used throughout the wider Kingspan Group. Synthesia is headquartered near Barcelona, with eight manufacturing facilities across Northern Spain and Panama and approximately 575 employees across all businesses. The acquisition agreement is conditional on regulatory clearance, and is expected to complete during the first quarter of 2018.
In addition to the above Kingspan has agreed to acquire Balex Metal sp. z.o.o. ("Balex"), a Polish based manufacturer of Insulated Panels and Insulation Boards with Revenues to 31 December 2016 of EUR160m across five manufacturing sites. The Balex acquisition is conditional on regulatory clearance, and is expected to complete towards the end of the first quarter of 2018.
Kingspan has also recently completed the acquisition of the Brakel Group, a Dutch based leader in the Light & Air sector with manufacturing sites in the Netherlands, Belgium and Slovakia with Revenues to 31 December 2016 of EUR68m. Following this acquisition the Light & Air division is expected to exit the year with c. EUR300m of annualised revenues.
Kingspan also today announces that it has agreed committed financing of EUR225m. EUR175m of this comprises private placement loan notes with weighted average maturities of 8.5 years and an average fixed coupon on the new notes of 1.57%. Kingspan has separately negotiated an additional bilateral facility of EUR50m. These funds, together with cash and drawings from the previously undrawn Revolving Credit Facility, will be used to fund the above announced acquisitions and for further strategic development.
As noted in our Trading Update dated 13 November 2017, trading across many of our markets remains encouraging, with the exception of the UK which has experienced further weakness through November and early December against a backdrop of continuing political uncertainty. Notwithstanding this we still expect to meet the current year guidance given in our Trading Update. Kingspan will issue its preliminary results for the year ended 31 December 2017 on Friday 23 February 2018.
Gene Murtagh, Kingspan Chief Executive Officer, commented:
"These latest three acquisitions mark a significant strategic step forward for Kingspan. They are a perfect fit for our existing businesses and geographic footprint, and in addition provide a technology platform that will complement our on-going innovation pipeline and the development of next generation insulation."
For further information contact:
Kingspan Lorcan Dowd, Group Company Secretary +353 42 9698000 Murray Consultants Douglas Keatinge +353 1 4980300
This information is provided by RNS
The company news service from the London Stock Exchange
END
ACQXELFFDLFZFBD
(END) Dow Jones Newswires
December 15, 2017 09:00 ET (14:00 GMT)
1 Year Kingspan Chart |
1 Month Kingspan Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions