Kingspan Group completed the acquisition of a 51% stake in Steico from Schramek for €251m.

Kingspan Group, a high performance insulation and building envelope solutions provider, completed the acquisition of a 51% stake in Steico, a company engaged in the construction industry, from Schramek, a management services provider, for €251m ($282m). “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," Gene Murtagh, Kingspan CEO.