Irish manufacturing group Kingspan confirmed Monday morning that it is in "advanced discussions" to acquire the Joris Ide Group. However, Kingspan said that there is "no certainty" that the discussions will result in a deal.

“A further announcement will be made if and when appropriate,” the company said.

Although a Belgian newspaper article over the weekend referenced a potential price tag of € 350m for Joris Ide, it is understood that this is higher than the level at which a deal might be concluded.

In a note this morning, Flor O’Donoghue of Davy Stockbrokers said that such a deal would make sense from a strategic perspective.

“It would further consolidate the European insulated panels sector, increase Kingspan’s already leading market position and potentially provide a number of synergies,” he wrote.

Headquartered in Zwevezele, Belgium, Joris Ide is an independent manufacturer of steel profiles and insulated panels used for roofing and cladding. It has significant market positions in France and Germany, employees of just over 1,000 and revenue of €435m.