SIG offloads Roof Insulation and paneling business to SIG for £37.5m
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Kingspan is to buy SIG insulated wall, roof panel and profiled metal cladding business for £37.5m
SIG Building Solutions is a leading manufacturer and distributor of building envelope solutions operating through its well-known brands, Steadmans, United Roofing Products, Trimform Products, and Advanced Cladding & Insulation.
Last year the business reported revenue of £60m and operating profit of £3.3m.
As part of a cost-cutting and restructuring strategy SIG also confirmed this morning it had it entered into an agreement for the sale of its Air Handling Division to France Air Management for £198m.
The firm supplies and distributes airconditioning units and ducting to both the commercial and residential sectors across eight European countries.
Meinie Oldersma, Chief Executive Officer of SIG, said that the divestments completed SIG’s medium-term strategy of disposing of peripheral, non-core businesses to refocus the group’s portfolio and strengthen its balance sheet.