SIG sells US business for £27m

SIG, the leading supplier of insulation, roofing and commercial interior products, has sold its US business to Grey Mountain Partners for £27m.

The sale will realise only a small profit.

SIG chief executive David Williams said: "Although the US business has performed extremely well ove recent years, our rate of growth and expansion in the UK, Ireland and mainland Europe has been such that the US today accounts for less than 4% of total group sales."

Since SIG announced its interim results on 12 September, the group has completed another nine acquisitions, mostly in existing business streams in the UK, Ireland and Poland. This takes the number of completed acquisitions in 2006 to 21, with combined sales of £210m, at total cost of £88m..