Kingscourt, Ireland – Kingspan completed the purchase of Spanish PU insulated board maker Synthesia on 7 March 2017.
There were no material changes to the conditions or price of the agreement, which was announced in December.
At the time, Kingspan said the Synthesia purchase would give it a position in rigid PU boards in Northern Spain, and strengthen its push into South America.
No price was disclosed. The Irish company said Synthesia had revenue of EUR 275m in the year to 31 December 2016. Its EBITDA in 2016 was EUR 33m.
In the 12 months to 31 August 2017, Synthasia’s revenue was EUR 314m and EBITDA was EUR 24 m, Kingspan said.
Synthasia has eight plants in northern Spain and Panama, and it employs about 575 people. These businesses trade as Huurre and Poliuretanos in Iberia and Central and South America