Insulation industry news from Global Insulation

US: Owens Corning has launched an offer to exchange any and all outstanding 3.5% senior notes due 2030 issued by Masonite International Corporation for new notes to be issued by Owens Corning. Masonite is currently soliciting consents to adopt proposed amendments to the indenture governing its existing notes, aiming to eliminate certain covenants, restrictive provisions and events of default from the indenture.

The parties agreed to Owens Corning’s acquisition of Masonite in February 2024, and expect to complete the deal in mid-2024.

Germany: Sto has published its outlook for 2024, after recording ‘below target’ turnover in the first quarter of the year. The producer attributed this to adverse weather conditions in January 2024 and reduced working days in March 2024. For the full year, it now expect to record a turnover of €1.79bn and earnings before interest and taxes (EBIT) of €113 – 138m. It noted particular on-going ‘major challenges’ in its domestic German market.

US: The US National Labor Relations Board (NLRB) has begun investigating Kingspan Insulated Panels following allegations of anti-trade union behaviour. The Irish Times newspaper has reported that the International Association of Sheet Metal, Air, Rail and Transportation Workers (SMART) lodged complaints citing unfair labour practices at a plant in California.

Kingspan rebutted the claims, which it says are designed to damage its reputation after it refused to sign a neutrality agreement with unions. The producer says that the agreement in question would infringe upon its employees' privacy and voting rights.

North America: Knauf Insulation has launched its new Knauf Performance+ range of glass wool insulation for heating, ventilation and air conditioning applications. The launch of the range, which is asthma and allergy friendly and formaldehyde-free, coincided with the start of Asthma and Allergy Awareness Month on 1 May 2024.

Knauf Insulation said “In a world where indoor air is two-to-five times more polluted than outdoor air, improving indoor air quality is critical.” Senior vice president sales, marketing and innovation Nathan Walker added “By the end of 2024, Knauf commits to eliminating formaldehyde from all its remaining products. This move sets a new standard in the production of high-performing building materials.”