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Kingspan takes control of Steico
Kingspan Group has agreed a deal to buy an initial 51% of Steico SE, a German manufacturer of wood fibre insulation and panels.
Steico is regarded as the world leader in natural insulation and wood-based building envelope products. Based in Germany, it also has plants in France and Poland.
Kingspan has an option to acquire a further 10% of shares in Steico in the future.
Kingspan chief executive Gene Murtagh said: "The acquisition of a majority stake in Steico represents an exciting next step in our strategy to provide the full spectrum of insulation products. Its suite of wood-based building envelope solutions broadens our ability to enable our customers to meet their sustainability and energy performance needs. Kingspan's global routes to market, paired with our drive to innovate and widen the applications of Steico's current technologies, are key to our plans to bring Steico bio-based solutions to the next level."