Building-materials giant Kingspan has made an investment in Iran, seeking to take advantage of future upgrades in the country’s airport infrastructure.
Kingspan’s chief executive, Gene Murtagh, said the company’s facility would be in production within months and was 100% owned by Kingspan, Irish Independent reported.
“It’s step one, there won’t be many steps coming after this for quite some time, but at least it’s step one, and it’ll be run out of our UAE-based businesses,” he said.
Murtagh said large aircraft orders placed by Iran would require big upgrades in airport infrastructure and that Kingspan had been “at the forefront of aviation projects right around the Middle East”.
Murtagh said the investment was in the area of ducting insulation. He did not provide details.
“A huge source of energy loss is blowing cold and hot air around buildings… [the investment] is very small, we’ve been exporting in and around there for a number of years.
“Obviously, it’s opening up as a market. It’s become more investment-friendly and the world is looking more favorably on it as a country.
“I think the reality is that’s going to lead to investment and growth,” he added.
Kingspan, founded in 1965, is a global leader in high performance insulation, building fabric, and solar integrated building envelopes.
Source: Financial Tribune