Kingspan Group, a building materials supplier, has bought solar panel producer Thermomax for an undisclosed sum.

Kingspan Group, a building materials supplier, has bought solar panel producer Thermomax for an undisclosed sum.

Thermomax, based in Northern Ireland, was bought out of administration through Kingspan’s subsidiary, Kingspan Environmental & Renewables. The subsidiary was set up to invest in the renewable energy sector and acquired Thermomax five weeks after the ailing company went into administration.

Kingspan Environmental & Renewables’ managing director, Noel Crowe, said: “The acquisition of Thermomax fits well with Kingspan’s business strategy of investing in renewable energy and sustainability in building, which we see as key to our future.”

Thermomax is the UK’s largest producer of solar thermal panels. Last year, it had a turnover of some £15 million.

The company was founded in 1980 and employs 185 people at its plant in Bangor, Co Down, with a further 85 staff at a factory in Cardiff.