SIG sale of insulation division to Kingspan collapses – Construction Enquirer

The sale of the Constructing Options divisions was first introduced final October by SIG as a part of its cost-cutting and restructuring technique.

However the deal attracted the eye of watchdogs on the Competitors and Markets Authority who launched an investigation.

Kingspan is the main supplier within the UK of ordinary foam sandwich panels generally used as insulated cladding on business and industrial buildings.

Constructing Options additionally sells a spread of insulation and specialist building merchandise by quite a lot of companies, together with Steadmans, Trimform, Superior Cladding and United Roofing Merchandise.

SIG confirmed in the present day that the curent sale and buy settlement expires on 7 July and the CMA investigation is not going to conclude till October.

SIG stated: “Because of the prevailing market circumstances, it has not been doable for the corporate and Kingspan to agree business phrases for the extension of the settlement.

“Accordingly, the events have agreed to terminate the settlement with rapid impact and the disposal subsequently is not going to proceed.

The corporate is presently reviewing various choices concerning the Constructing Options enterprise and can present additional updates when applicable.”

Grant Prior

News Reporter

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