Co Cavan firm Kingspan, have had their attempt to merge with a lucrative American rival shot down. Kingspan confirmed to Northern Sound they recently approached Carlisle Companies, a construction materials manufacturing giant based in Arizona, suggesting a merger of both businesses but added 'there is no active engagement at this time'.
Describing the first contact as ‘informal’, the statement went on to say the Cavan company are very interested in the American roof-space market and that Kingspan has 'admired Carlisle for many years'.
If the two were to merge it is estimated the new super-company would have a combined market cap of $30 billion US dollars.
The Cavan firm which was started by Eugene Murtagh in 1965 at the back of his parent’s pub in Kingscourt, reports an annual turnover of €8.3bn, employs over 22,000 people across 210 manufacturing sites in more than 80 countries worldwide.
Its net worth was listed today as €12.4 billion euro while Carlisle’s was reported as $13.81 billion dollars.
