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Kingspan Group has entered into an agreement with Schramek GmbH to acquire 51% of the shares of Steico SE, with an option to acquire a further 10% of shares in Steico in the future.<\/span><\/p>\n Steico is the world leader in natural insulation and wood-based building envelope products, based in Germany. It has a very well invested asset base, with four large production sites comprising 27 lines situated in Poland and France, including additional capacity nearing completion with up to Euro 200 million revenue headroom.<\/p>\n Steico had audited operating revenues of Euro 445 million in the 12 months to 31 December 2022 and EBITDA of Euro 90 million in the same period. As at June 2023, Steico guided 2023 revenues of Euro 378 million at an EBIT margin of 8% - 10% (FY22 14.6%). As at 31 December 2022, Steico had gross assets of Euro 509 million.<\/p>\n The acquisition is expected to be earnings neutral initially, based on Kingspan consensus EPS for 2023 and Steico guidance for 2023.<\/p>\n The existing Steico executive management team will be retained in the business, and will continue to manage and develop the business. Upon closing, Kingspan will seek fair representation on Steico's administrative board.<\/p>\n The acquisition is conditional on regulatory clearance, and is expected to complete in early 2024. Following completion, Steico will continue to maintain its listings on the German Stock Exchanges.<\/p>\n Kingspan Group plc is the global leader in high performance insulation and building envelope solutions.<\/p>","protected":false},"excerpt":{"rendered":" Kingspan Group has entered into an agreement with Schramek GmbH to acquire 51% of the shares of Steico SE, with an option to acquire a further 10% of shares in Steico in the future. Steico is the world leader in … Continue reading