Kingspan agrees £37.5m deal for SIG insulated wall and cladding arm
Specialist building products distributor SIG has agreed to sell its Building Solutions (National) Limited business to Kingspan’s panels division for £37.5 million.
SIG Building Solutions includes the brands Steadmans, United Roofing Products, Trimform Products, and Advanced Cladding & Insulation. Last year the business reported revenue of £60m and operating profit of £3.3m.
Completion of the deal is conditional on completing the Competition & Markets Authority’s clearance process.
As part of its cost-cutting and restructuring strategy SIG also confirmed it had it entered into an agreement for the sale of its Air Handling Division to France Air Management for £198m.
The firm supplies and distributes air-conditioning units and ducting to both the commercial and residential sectors across eight European countries.
Meinie Oldersma, chief executive officer of SIG, said that the divestments completed SIG’s medium-term strategy of disposing of peripheral, non-core businesses to refocus the group’s portfolio and strengthen its balance sheet.