Irish building materials company Kingspan has acquired a 51% stake in German insulation company Steico for €251m. The shares were bought from Schramek, Steico’s Austrian parent.

Steico runs four production sites in Poland and France, where it makes 27 product lines. Last year, it had an operating revenue of €445m.

Steico’s products are based around wood-fibre insulation and wood-based building envelopes. As of December 2022, it had gross assets of €509m.

Gene Murtagh, Kingspan’s chief executive, said: “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.”

The acquisition is due to be completed in early 2024.