THE French group Saint Gobain has taken a 50 per cent stake in Moy Insulation, the Tipperary based subsidiary of BPB Industries. The investment is part of a £15 million sterling investment by Saint Gobain in BPB's glass fibre insulation activities in Britain and Ireland, and it is understood that Moy accounts for about £4 million of that consideration.

Moy currently employs 70 people at its factory in Ardfinnan, Co Tipperary. Mr Brian Dolan, finance director of Moy's immediate parent company, Gypsum Industries, said the investment by Saint Gobain was likely to be positive for employment in the medium term. "There will certainly be no job reductions," he added.

Gypsum Industries managing director Mr Plev Ellis will become managing director of the new joint venture company, which will be known as Moy Isovor. Mr Ellis said "Saint Gobain Isovor can now provide leading edge technology to further enhance product quality and extend the product range.