fbpx

Kingspan Confirms Informal Discussions with Carlisle

KINGSPAN has issued a statement confirming “recent informal discussions on a potential transaction.”

The company says “At present, there is no active engagement” but restated its interest in the North American roofing space.

The Kingspan Group plc statement follows rumours circulating in the past three days that the company was about to make a merger and acquisition offer for the American building envelope and flat roofing giant, Carlisle Companies Inc.

Informal Discussions

Ireland based insulation and roofing panel manufacturer, Kingspan was said to have proposed a merger with the Scottsdale, Arizona-based Carlisle to create a $30 billion roofing partnership if a takeover was successful.

Kingspan says it has ‘admired’ Carlisle for many years, ‘recognising the clear strategic fit’ with its business.

News of the rumoured talks set Carlisle’s stock price soaring over 11% on Monday 11 September to the highest prices in four years.

Carlisle’s rejection of Kingspan’s offer reportedly left the door open to reviewing a future more attractive offer.

Under Kingspan’s Chief Executive, Gene Murtagh, the company has spent more that €1 billion on acquisitions in 2022, according to the company’s annual report.

While Kingspan currently does around 70% of its business in Europe, around 22% of its revenue is derived from North American sales.

The incentives being offered in the USA under the Biden administration to promote the use of clean green energy costing $783 billion originally proposed as part of the Build Back Better Act, are said to be attractive to Kingspan.

>> Read more about Kingspan in the news

The post Kingspan Confirms Informal Discussions with Carlisle appeared first on Roofing Today.

Generated by Feedzy