Insulation industry news from Global Insulation
Johns Manville acquires ITW Insulation
26 November 2019US: The building products manufacturer Johns Manville has announced its acquisition of ITW Insulation Systems, which specialises in low-temperature polyisocyanurate foam insulation and metal jacketing solutions, for an undisclosed price. Business Wire has reported that the deal is scheduled for closure in December 2019. Johns Manville CEO and president Mary Rhinehart said that the acquisition ‘will give greater versatility to Johns Mansville’s robust and well-rounded portfolio of insulation solutions.’
Recticel rejects buyout offer from Kingspan
26 April 2019Belgium: Recticel has rejected an offer from Kingspan to buy its insulation division and flexible foams division for Euro700m. The board said that it did not believe that the offer was not in the interest of its stakeholders. It added that the sale of these divisions was not in line with its strategy and that the offer ‘significantly’ underestimated the value of the divisions.
Belgium: Recticel says that Kingspan Group has made a non-binding offer to buy its insulation division and flexible foams division for Euro700m. Kingspan says it has entered into a back-to-back agreement with an unnamed third party for the disposal of all of the flexible foams business. Recticel’s board of directors will analyse the proposal in line with its fiduciary duty and update the market. Any purchase would be subject to regulatory approval.
Bawan buys 100% stake in Arnon Plastic Industries
09 April 2019Saudi Arabia: Bawan has completed its acquisition of a 100% stake in Arnon Plastic Industries, a producer of polyethylene and polystyrene insulation and panelling products. It agreed the share acquisition in January 2019 but it was wiring for regulatory approval. Bawan operates in the concrete, wood, metal and electrical industries and the acquisition opens up a new market for the company.
Italy: Gamma Meccanica has acquired mineral wool pipe section production technology from Germany’s MPN Maschinenbau. As part of the purchase, Mark Desomer has joined the Italian mineral wool production line manufacturer. No value for the transaction has been disclosed.
“We are delighted to cooperate as one team in the future. It is an exciting new chapter to continue our journey to develop state of the art mineral wool pipe section production units based on our mutual know-how,” said Andrea Magnani Managing Director at Gamma Meccanica .
Sika to buy Arcon Membrane in Romania
20 December 2018Romania: Sika has agreed to acquire Arcon Membrane, a manufacturer of roofing and waterproofing systems including thermal insulation systems for facades and roofs. Its insulation systems combine expanded polystyrene (EPS) sheets and bituminous membranes. Sika says that by buying Arcon it will strengthen its position in the local market and extend its product portfolio to meet the increasing demand for complete solutions in the roofing and waterproofing markets. The transaction is subject to approval by the Romanian anti-trust authority. No value for the purchase has been disclosed.
“Arcon’s market leading position, comprehensive product portfolio, and established distribution network will support our growth strategy by opening up new cross-selling opportunities, as well as increasing our market access and the penetration of key project,” said Ivo Schädler, Regional Manager Europe, Middle East and Africa (EMEA) at Sika.
Installed Building Products buys Advanced Fiber Technology
01 November 2018US: Installed Building Products has purchased Advanced Fiber Technology (AFT) for an undisclosed value. Founded in 1988 and located in Bucyrus, Ohio, AFT manufactures cellulose, asphalt, and industrial fibres. The company sells its products to distributors and installers predominately in the Midwest and Northeastern US.
“AFT provides us with an opportunity to vertically integrate our cellulose insulation supply in certain markets which we believe will have an immediate and favourable impact on our business and financial results. Cellulose is an attractive alternative to fibreglass in a variety of insulation applications,” said Jeff Edwards, chairman and chief executive officer (CEO) of Installed Building Products.
Saint-Gobain buys HKO
01 August 2018Germany: Saint-Gobain has acquired HKO, a manufacturer of very high temperature thermal insulation and fire protection solutions made from various types of glass fibres to cover temperature resistances between 600 and 1000°C. The French building materials company said that the purchase was in line with its strategy of developing technological niches. It will join the ADFORS business within the High-Performance Materials Activity.
Founded in the 1970s, HKO employs 225 people and has two plants in Germany with sales affiliates in France, USA and China. It reported sales of Euro39m in 2017. With mostly customised solutions. It serves the construction, industrial and automotive markets.
China: Owens Corning has completed the acquisition of Guangde SKD Rock Wool Manufacture. SKD produces mineral wool insulation for the building and technical insulation market. No value for the purchase has been disclosed.
“We see great opportunity to provide our customers in China with products in both the mid temperature building and high-temperature industrial-application markets. This acquisition furthers our strategy to expand Owens Corning’s technology portfolio across the three largest insulation markets in the world,” said Owens Corning’s Insulation President Julian Francis.
Owens Corning now has seven insulation manufacturing facilities across China, that provide customers with a full temperature range of products including fiberglass, extruded polystyrene foam, cellular glass and mineral wool insulation.
Huntsman to acquire spray foam producer Demilec
16 March 2018US: Huntsman Corporation has acquired Demilec, a manufacturer and distributor of spray polyurethane foam (SPF) insulation systems for residential and commercial applications, from an affiliate of Sun Capital Partners for US$350m. The transaction is expected to close by the end of second quarter of 2018.
“Demilec has pioneered MDI SPF insulation and coating technologies for over 30 years, building a strong market reputation with architects, builders and designers. Demilec and the entire SPF industry has delivered strong double digit growth, which we expect to be sustained as their technology provides outstanding insulation performance in a world which is increasingly concerned with improving energy efficiency," said Tony Hankins, president of Huntsman's Polyurethanes division. He added that the company would be used to ‘aggressively’ expand the business into international markets.
Demilec has revenues of approximately US$170m/yr and two manufacturing plants located in Arlington, Texas and Boisbriand, Quebec where it produces a products from methylene diphenyl diisocyanate (MDI) based SPF formulations. It markets these directly to applicators as well as through distributors. Demilec specialises in both closed cell and open cell formulations, with a focus on products with renewable and recyclable content.