Insulation industry news from Global Insulation
Germany: Saint-Gobain has purchased the Augustdorf glass plant in North Rhine-Westphalian from Teuto-Glasveredelung. The unit produces thermal insulating glass products as well as sound-insulating glass and other glass products. The purchase is planned to be completed in March 2017, subject to approval by the government.
US: Sika has completed the acquisition of Rmax Operating, a US-based producer of polyiso insulation products, on 31 January 2017. The deal was originally announced in mid-December 2016. Sika has said that the purchase is intended to bolster its presence in North America, particularly in roofing, sealants and waterproofing markets.
US: Armacell has acquired the insulation business of Nomaco, a manufacturer of extruded polyethylene (PE) insulation foam products. The acquisition of the Yukon, Oklahoma-based manufacturing facility will strengthen Armacell’s domestic production capacity and regional distribution network. No purchase price has been disclosed.
“The expansion of our manufacturing footprint into Oklahoma increases our distribution power and service levels in the Midwest and the West. Our customers will benefit both from a broader product portfolio as well as from stronger technical support,” said Patrick Mathieu, president and chief executive officer of Armacell International.
US: Installed Building Products (IBP) has closed its acquisition of Alpha Insulation and Waterproofing. Alpha Insulation and Waterproofing, based in Atlanta in Georgia, will continue to operate under its existing brand name through an expanding network of nine branches located in Georgia, Florida, Texas, Tennessee and North Carolina. Alpha's focus on commercial insulation, waterproofing, fire stopping and fireproofing will add to IBP’s revenue mix and its commercial construction platform.
"We are excited about closing the Alpha acquisition and are focused on successfully integrating Alpha's operations over the coming months, which we expect will be immediately accretive to earnings," said Jeff Edwards, IBP's chairman and chief executive officer.
US: IDI Distributors, a wholesale insulation distributor, has acquired Kevin Distributing (KDI), a distributor of polyurethane spray foam insulation and related services, to operate as a division of IDI. The purchase will broaden IDI’s geographic coverage to the mountain states and expand both distributors’ product portfolios and service capabilities. The KDI division of IDI will be led by Dan Bitney, branch manager of KDI. IDI will also bring the KDI management team on board to maintain continuity with customers.
Germany: Evonik Industries has completed its acquisition of the specialty additives business, Performance Materials Division, of the US company Air Products for Euro3.5bn. All relevant competition authorities have approved the transaction and the integration of the acquired business is underway. The transaction financing was completed successfully in September 2016. It has been paid for by the company’s own funds to the amount of Euro1.6bn with the excess Euro1.9bn covered by bonds.
"The successful completion of the acquisition paves the way for swiftly merging the activities of Evonik and the acquired units of the Air Products Performance Materials business," said Klaus Engel, Chairman of the Executive Board of Evonik Industries AG. "It puts Evonik in an excellent position for further profitable growth in the attractive specialty additives market."
US: Sika has agreed to acquire Rmax Operating, a US-based producer of polyiso insulation products for complete building envelope solutions, including roofing and wall systems. The purchase is anticipated to drive Sika’s growth in the North American market via synergies between the companies. Rmax generated sales in excess of US$75m in 2016. The transaction is subject to clearance by anti-trust authorities.
“The acquisition of Rmax fits perfectly with Sika’s growth strategy in North America, further strengthening our already fast-growing building systems in roofing, sealants and waterproofing. Rmax brings us a proven industry leader, with strong innovations for building envelope applications, along with manufacturing expertise for wall and roofing insulation. We proudly welcome the Rmax employees to the Sika team and are excited about growing our business together,” said Christoph Ganz, Regional Manager North America for Sika.
Rmax Operating produces insulation products and accessories at three production sites in Dallas in Texas, Greer in South Carolina and Fernley in Nevada. Currently Sika USA purchases insulation products from third party suppliers to include in its solutions for roofing and building envelopes. With this acquisition it will now be possible to benefit from in-house production.
Finland: Paroc Group has agreed to sell sale its Paroc Panel System (PPS) business to Kingspan Group. The personnel of PPS will all be transferred to the new owner. Along with the transaction, the parties have agreed on commercial cooperation in stone wool supply to the PPS factory in Parainen. No value for the deal has been disclosed.
"The arrangement supports the focus of Paroc on building and technical insulation. We will continue to seek market expansion and growth possibilities in those areas,” said Kari Lehtinen, chief executive officer of Paroc Group.
PPS is a subsidiary of Paroc Group Oy. In 2015, PPS sales totalled Euro47m, with about 100 employees in Finland, Sweden, Norway, Denmark, and Germany. Paroc Panel System panels are manufactured in Parainen, Finland.
Slovenia: Recticel’s insulation division has entered into a production joint venture with Turna by acquiring 50% of the shares of its affiliate Turvac. Turvac is located in Šoštanj and it specialises in the production of vacuum insulation panels (VIP). Recticel Insulation will commercialize VIPs for niche applications in the construction market and Turna will focus on sales to the household appliances markets. This new technology allows Recticel Insulation to enhance its products portfolio and to strengthen its position in high performance insulation solutions for the European building market.
Netherlands: Arkema has completed its acquisition of Den Braven, a producer of sealants for insulation and construction. Together with Arkema’s subsidiary Bostik, the purchase adds to the group’s presence in the sealant market around the world. The takeover is expected to add synergies of at least Euro30m.
"We are pleased to welcome the Den Braven teams. Their state-of-the-art technologies, first-class industrial facilities and know-how widely recognized by their customers are all assets that we will continue to develop and build upon within Bostik. We are confident that this new growth platform will support our very strong ambition in adhesives," said Vincent Legros, Executive Vice President of Bostik, a subsidiary of Arkema.