Something went wrong with the connection!

Manufacturing & Supply Chain

Further global expansion by Kingspan

 Breaking News

Further global expansion by Kingspan

Further global expansion by Kingspan
February 23
10:00 2022
Spread the love

Kingspan, the global leader in high-performance insulation and building envelope solutions, has agreed to acquire Ondura Group from Naxicap Capital Partners and others for a total consideration of €550 million in cash. Ondura, comprising Onduline SAS, Alwitra Holding, CB SA and their subsidiaries, is a leading global provider of roofing membranes and associated roofing solutions headquartered in France, with 14 manufacturing sites and a distribution network in 100 countries worldwide.

In the 12 months to 31 December 2021 Ondura had un-audited consolidated revenues of €424 million with EBITDA of €63 million, and trading profit of €55 million. Gross assets as at 31 December 2020 were €387 million. Signing of the share purchase agreement is subject to standard French employee procedure and the customary regulatory clearances, and is expected to complete in the second half of 2022.  The existing Ondura management teams will be retained in the businesses.

The acquisition of Ondura is expected to increase Kingspan Group EBITDA by approximately 7% on a full year basis. The acquisition is fully aligned with Kingspan’s long stated strategy to develop multiple technologies in roofing applications and will serve as our global platform for advancing these solutions.

Kingspan recently reported a 42% increase in group revenue to €6.5 billion and a 49% jump in trading profit to €754.8 million with an improvement of 50 basis points in the group’s trading profit margin to 11.6% for the year ended 31 December 2021.

Gene M. Murtagh, Chief Executive Officer of Kingspan, commented: “The business delivered an exceptional performance last year, with our growing sales to customers in the technology, online distribution, and automotive sectors instrumental in the results. Whilst dramatic input price inflation was a major feature, our cost recovery efforts helped ensure continued margin improvement.

“We continue to drive expansion through acquisition, with over half a billion euro invested in buying new businesses during the year. This was complemented by our organic growth activity as we opened five new manufacturing facilities or production lines this year, and plan for a further 25 over the next four years. Since year end we have committed a further €800 million on three transactions, subject to customary approval, that create exciting new global platforms for further development.

“We have made good progress on our Planet Passionate targets, achieving an absolute reduction in Scope 1 and 2 GHG emissions for the second year of the programme, with a 4.3% reduction achieved this year. We will also implement a €70 per tonne internal carbon charge from 2023 to accelerate the pace of decarbonisation across our global business.”

Over the course of the year Kingspan invested a total of €714 million on acquisitions, capex and financial investments. The largest of these was Logstor Group, a European based provider of highly insulated district heating infrastructure, acquired in June 2021 for €245 million.

About Author



Related Articles

Follow me on Twitter


New Subscriber

    Subscribe Here


    National Manufacturing Conference & Exhibition 2020

    NIBRT Springboard Success Stories