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Kingspan Group PLC on Friday said it completed the acquisition of a majority stake in Steico SE from Schramek GmbH, for which it received clearance in November.
Kingspan, a Kingscourt, Ireland-based building materials’ supplier, in July had announced it would buy 51% of the shares in Steico, a Feldkirchen, Germany-based manufacturer of flexible wood fibre insulation products, for €250 million.
Following the transaction, Kingspan issued 1.0 million shares to Schramek, a Vienna-based timber merchant.
Kingspan shares were 0.1% lower at €74.42 each on Friday afternoon in Dublin.
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