SIG plc, suppliers of specialist building materials to trade customers has sold Building Solutions (National) Limited to Kingspan Holdings (Panels) Limited, based in Ireland, for £37.5m.
Building Solutions operates through its well‐known brands: Steadmans, United Roofing Products, Trimform Products, and Advanced Cladding & Insulation.
In the year ended 31 December 2018, the business reported revenue of about £60 million with an operating profit of about £3.3million.
The strategic review undertaken in 2017 by SIG identified the manufacturing focus and product offering of its Building Solutions division as very different to that of the core SIG businesses. The sale of the division completes SIG’s medium‐term strategy of disposing of peripheral, non‐core businesses to strengthen its balance sheet.
SIG says that the proceeds of the sale will be used to reduce the company’s debts.