Kingspan has acquired the building insulation division of US company Pactiv for an enterprise value of €61m.

Of the sale price €53m is payable in cash on completion plus the balance of working capital.

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Gross assets being bought are $30m with the deal subject to local regulations. It is being funded by Kingspan’s existing cash resources.

Gene Murtagh, Kingspan chief executive, said: “This investment represents a new and exciting frontier for our Insulation business in North America, giving us particular exposure to the residential sector.”

The acquisition is subject to local approval of licence and permit transfers.