Kingspan buys US-based Metecno for £60m

Irish materials firm Kingspan Group has bought US-based pre-fabricated composite panel manufacturer Metecno for around £60m.

Metecno, which had a turnover of around £74m in the 12 months to the end of June, is the second biggest manufacturer of composite sandwich panels in the US.

It operates from three sites in Florida, Ohio and California.

"By combining Metecno with our existing businesses in Canada, Kingspan has developed a very powerful and influential position in the North American market," Kingspan chief executive Gene Murtagh said.

Kingspan said the acquisition would be "mildly earnings-enhancing" for the rest of 2008.