Irish group Kingspan, one of the largest producers of high-performance insulation and building envelopes in the world, will buy Belgian company Joris Ide Group, which owns Romanian company Megaprofil.

The Megaprofil factory is located in Buzias, near Timisoara, and produces roof and wall profiles, technical profiles and insulated panels. It had revenues of EUR 25.5 million and 133 employees in 2013.

Joris Ide is a pan-European manufacturer and supplier of insulated panels, profiles and related accessories. It has five insulated panel manufacturing facilities in Belgium, Germany, Romania and Russia.

"The acquisition of Joris Ide Group represents a quantum leap forward in the execution of our strategy to fully globalise Kingspan. It takes us into a distinctly different tier in the market than typically occupied by the Kingspan branded products, and with its operations in Belgium, France, Germany, Romania and Russia significantly extends the reach of our group," said Gene Murtagh, Kingspan CEO.

The total value of the transaction is close to EUR 315 million, including debt. Last year, Joris Ide had unaudited revenues of EUR 465 million and an operational profit EBITDA of EUR 36 million.

Kingspan’s yearly revenues are about four times higher. The group had sales of EUR 1.79 billion in 2013.

editor@romania-insider.com