Insulation giant Kingspan has revealed it will invest €200m in a new building technology campus in Ukraine.
he campus will manufacture advanced insulation and district heating products and is likely to be located in the west of Ukraine following discussions with Ukrainian government.
The site will be built over the next five years, with the Irish company estimating that the move will create 600 jobs. The group hopes to begin construction immediately, subject to “appropriate security conditions.”
In April, Kingspan said that it would exit the Russian market, divesting its operations to local management. The Cavan based group said the decision was made in early March following the outbreak of the conflict in Ukraine.
The move to invest in Ukraine was welcomed by the country’s foreign minister Dmytro Kuleva who said: “Our goal is not solely renewal and rebuilding of the destruction caused by Russian aggression but also the creation of a completely new, modern and innovative economy leveraging leading urban development expertise and green technologies.”
Kingspan chief executive Gene Murtagh said that the decision will see the organisation make “positive contributions” to Ukraine’s economy, as well as to meet growing demand for energy efficient sites in central and eastern Europe. He also highlighted the opportunity to help Europe reduce its reliance on oil and gas imports from Russia.
Kingspan currently has 198 manufacturing facilities around the world, employing over 19,000 people.