Kingspan said to have sought mega-merger with US firm

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Insulation giant sought deal with Arizona-based Carlisle

Carlisle makes building envelope products and solutions, including construction materials and weather proofing assets. The Scottsdale, Arizona-based firm announced plans this month to sell its Carlisle Interconnect Technologies unit that provides products to the aerospace and medical technologies markets, which would make it a pure-play construction supplier.

News of Kingspan’s approach for Carlisle comes just days after another mega Irish-to-US deal was announced. Dublin-based Smurfit Kappa and US firm WestRock said last week they are in talks to merge, potentially creating an industry giant with a market value of about $20 billion. European companies are showing increased appetite to do deals in the US to benefit from more stable economy and President Biden-promoted investments in infrastructure, as well as deeper capital markets.

Kingspan in April announced plans to delist from the London Stock Exchange, marking another potential high-profile departure from the flagship UK market. Smurfit and WestRock also said this month they would be listed on the New York Stock Exchange. In July, Kingspan agreed to buy a majority stake in Steico from its founder to add natural insulation and wood-based building envelope products. – Bloomberg

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