Kingspan has confirmed it is in talks to acquire Belgian steel firm Joris Ide, the latest of many buyout bids by the Irish building materials group as it seeks to insulate itself against fluctuations within its core markets.

Private equity investor Ergon holds a 60 per cent stake in Joris Ide Group, a manufacturer of steel roof and wall coverings. The remaining interest is held by its founder and other private shareholders.

In November Kingspan reported a rise in sales of 5 per cent for the nine months ended September 30th, with revenue at €1.39 billion. The company has protected itself from the worst of the economic downturn by diversifying from its home market in Ireland into energy-efficient building materials over the past decade.

Kingspan's two largest markets are the UK, which accounts for 40 per cent of sales, and mainland Europe, which accounts for 34 per cent of sales. Both regions continue to show erratic signs of a growth revival in the construction industry, particularly on the continent.

In the past year the company has spent upwards of €100 million on acquisitions as it seeks to gain access into the lucrative US market for energy-efficient houses.

In November it bought the building products division of Vicwest, a Canadian group, for C$154.5m and completed its acquisition of the building insulation arm of US group Pactiv for $82 million.

Kingspan shares were flat at 15.44p during late morning trading in London yesterday. The stock has gained 13 per cent in the past 12 months.

– Copyright The Financial Times Limited 2015