(Alliance News) - Kingspan Group PLC on Friday said it completed the acquisition of a majority stake in Steico SE from Schramek GmbH, for which it received clearance in November.

Kingspan, a Kingscourt, Ireland-based building materials' supplier, in July had announced it would buy 51% of the shares in Steico, a Feldkirchen, Germany-based manufacturer of flexible wood fibre insulation products, for EUR250 million.

Following the transaction, Kingspan issued 1.0 million shares to Schramek, a Vienna-based timber merchant.

Kingspan shares were 0.1% lower at EUR74.42 each on Friday afternoon in Dublin.

By Tom Budszus, Alliance News slot editor

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.