Kingspan Insulation has announced the acquisition of New Zealand’s Thermakraft Ltd, positioning itself to provide a broader range of solutions to its customers both in Australia and New Zealand.
“We are delighted to welcome Thermakraft into the Kingspan family,” says Kingspan Insultation APAC Managing Director Scott Gibson.
“It is a terrific business and market leader in building membranes, roofing underlay, flashing tapes and roof safety mesh. In recent years, they have made significant inroads into the Australian market with the acquisition of Australian Mesh (Ausmesh) as a strategic entry point for their range of building membranes and underlays and we hope to further enhance that momentum.”
According to Kingspan, both Thermakraft and Ausmesh occupy leading brand positions within their respective segments and have significant customer synergies with the existing Kingspan Insulation business, manufacturing out of several sites across Australia and New Zealand.
Thermakraft Managing Director Dwayne Warby has also expressed his satisfaction with the deal.
“The acquisition will merge our two brands and allow a wider range of products and expertise to be offered to the New Zealand and Australian markets,” says Warby. “While we will have a new owner, our company will remain the same, continuing to manufacture its market leading products under our well-established Thermakraft and Ausmesh Brands.
“This is an extremely exciting opportunity for us as a team to be part of something bigger, while remaining true to our values and our culture.”
In 2017, Kingspan commissioned a $40 million modern manufacturing facility in Melbourne with the aim of supplying growing demand for high-performance rigid foam insulation in Australia, New Zealand and South East Asia. The company says the acquisition of Thermakraft is further evidence of the positive outlook the company has for the region and its growing demand for higher performing buildings.