Building materials group Kingspan (Kingscourt / Ireland; www.kingspan.com
) has acquired US-based insulation board maker Minnesota Diversified Products (Rockford, Minnesota; www.diversifoam.com
) in a move to expand its US client base and core building insulation business. Financial details of the deal have not been disclosed.
Minnesota Diversified Products manufactures extruded polystyrene foam (XPS) and expanded polystyrene foam (EPS), and fabricates polyisocyanurate foam billets for use in construction, insulation, packaging, and OEM applications, all sold under the DiversiFoam insulation manufacturing brand name.
The DiversiFoam business will be integrated with Kingspans North American insulation division based in Atlanta, Georgia, and will complement Kingspans advanced insulation products, which include its GreenGuard XPS, Kooltherm and Optim-R products. The acquisition also includes two manufacturing plants in Rockford, Minnesota, and a third plant in Mendota, Illinois.
DiversiFoam and Kingspan Insulation are an excellent fit geographically, technically and culturally, said Doug Crawford, managing director of Kingspan Insulation. Over the past couple of years, the Irish company has been attempting to expand its business through various acquisitions (see Plasteurope.com of 20.05.2021
, and 23.04.2019