DUBAI — Kingspan's recently-acquired business Rigidal Industries in Dubai has secured its biggest-ever contract for roofing materials as Abu Dhabi airport expands.



The chief executive of the Cavan-based insulation maker, Gene Murtagh, said the company's subsidiary would supply about one million square feet of roofing materials to the project. The contract was worth more than €10 million, he added.



Kingspan bought Rigidal Industries last August for roughly €31 million, with the intention of using it as a springboard for greater penetration into the Middle East and Far East.



But the contract was a bright spot in a difficult economic environment for Kingspan.



Speaking after the company's annual general meeting in Dublin last week, Murtagh said he didn't see any foreseeable end to economic difficulties in Europe but that the company remained interested in potential acquisitions.



He said Kingspan had also eyed potential deals in South America but that no deal was on the cards yet.



The company came close to making an acquisition there a couple of years ago and and remained interested in Brazil, Chile, Peru and Colombia, said Murtagh.



Kingspan has the capability to spend as much as €200m on acquisitions.



It said group sales for the first four months of 2013 totalled €520m and were 10 percent ahead on the previous year.



That figure was boosted in particular by the acquisition last year of ThyssenKrupp Construction.



Like-for-like sales in the first four months were 6.5pc lower.



The company had a slow start to the year but said there was some pick-up in activity during March and April.



It also noted some minor improvement in Ireland.



However, sales of insulated panels and boards were each down 5 percent in the first four months. — Agencies