Irish insulation titan Kingspan has successfully obtained a majority interest in Nordic Waterproofing, a Swedish firm. This action has propelled its annual roofing and waterproofing income to around €1 billion. Following the acquisition of an additional 26.5% of shares on Friday, Kingspan, situated in Cavan, now holds a controlling interest of 62.6% in the Swedish waterproofing product manufacturer listed on the stock exchange.
Kingspan hailed this as “another significant step forward in the expansion of our global roofing and waterproofing division,” recognising the reputation of Nordic Waterproofing as a major supplier of waterproofing items in the Northern Europe market, operating in 10 countries. The company’s primary sales come from Finland, Sweden, Norway, and Denmark while currently doing no business in Ireland.
In conjunction with the recent acquisition of IB Roofing in the United States and its existing operations, Kingspan claims this to boost its consolidated roofing and waterproofing revenues annually to around €1 billion. Moreover, it anticipates further expansion into the U.S. market for future growth, along with other potential acquisition activities.
Kingspan had attempted to take over the Swedish firm previously, only to be denied by the shareholders who disputed the Cavan entity’s acquisition proposal. The company currently employs approximately 1,300 people.
A mandatory cash offer of €229 million for Nordic Waterproofing was set forth by Kingspan last October after its share in the company exceeded a crucial 30 percent threshold. The board of Nordic Waterproofing recommended the shareholders to decline the offer in February.
Despite the board’s recommendations, some shareholders sold their portions, further bolstering Kingspan’s stake in the group to 35.7%. Nordic Waterproofing was established in 2011 as a result of the merger between waterproofing experts Trelleborg’s Danish and Swedish subsidiaries and Finnish company Lemminkäinen Oy’s roofing enterprise. It was listed on the Nasdaq Stockholm exchange five years later in 2016.