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Saint-Gobain completes acquisition of Kilwaughter Minerals
Written by Global Insulation staff
06 December 2024
UK: France-based Saint-Gobain has completed its acquisition of façade mortars and external wall insulation (EWI) systems producer Kilwaughter Minerals. Kilwaughter Minerals operates a plant and limestone quarry in County Antrim, Northern Ireland, and three distribution centres in Great Britain and Ireland, with a total of 200 employees. Its brands include K Rend renders and K Systems EWI systems.
Izocam acquires His Yalıtım
Written by Global Insulation staff
04 December 2024
Türkiye: Izocam, a joint venture of Kuwait-based Alghanim Industries and France-based Saint-Gobain, has acquired insulation producer His Yalıtım. His Yalıtım produces mineral wool, expanded polystyrene (EPS), extruded polystyrene (XPS) and polyethylene polyurethane insulation and cladding. Reuters has reported that that it employs 170 people.
Knauf Insulation opens expanded St Helens glass wool insulation plant
Written by Global Insulation staff
29 November 2024
UK: Knauf Insulation has reopened its St Helens glass wool insulation plant in Merseyside following a 25,000t/yr capacity expansion. Local press has reported that the upgrade included the installation of a larger furnace for melting locally-sourced glass cullet. The new equipment allows for the addition of higher-thickness products to Knauf Insulation’s existing ranges.
Merseyside Mayor Steve Rotheram attended the reopening and noted the plant’s importance in continuing St Helens’ tradition of glass products manufacturing.
Sto lowers 2024 forecast amid challenging market
Written by Global Insulation staff
21 November 2024
Germany: Sto has revised its 2024 results forecast downwards following ‘increased competition’ and ‘weak demand’ in the year-to-date. Local press has reported that the producer expects to record sales of €1.6bn, down by 7% year-on-year from €1.72bn in 2023. Sto had previously forecast a 3.5% decline, to €1.66bn. As a result, it now anticipates a 46 – 61% year-on-year drop in earnings, from €127m to €50 – 68m. Previously, Sto had forecast earnings of €62 – 82m, down by 35 – 51%.
Masterplast reportedly refinancing debt
Written by Global Insulation staff
20 November 2024
Hungary: Masterplast has entered talks with a ‘major Hungarian lender’ to refinance its debt following concerns over its liquidity. It is reportedly requesting a one-time exemption from its bond obligations to allow for a new credit line of up to €7.6m for a three-year term, according to the producer. Its bondholders are currently voting on the proposal. Bne IntelliNews has reported that the developments follow ratings agency Scope Ratings’ downgrading of Masterplast’s rating to CCC.
Masterplast CEO Tibor David said that talks are ‘progressing well.’