Insulation industry news from Global Insulation

Austria: Law firm Schoenherr says that it advised Austrotherm on merger control filings for the latter’s acquisition of the expanded polystyrene (EPS) insulation business of building materials producer Brucha. Prior to completion of the deal, Austrotherm employed 1400 people and produces insulation at 26 plants in 12 countries in Central and Southeast Europe and Türkiye.

Lithuania: Russia-based TechnoNicol has divested its Baltic roofing and waterproofing membranes business, Mida, to France-based Soprema. The business includes plants in Lithuania. TechnoNicol acquired Mida in 2001. BNS News has reported that its sales dropped by 17% to €38m in 2023, following the Russian invasion of Ukraine.

Mida said "Mida has completely cut off all ties with its former owner, Technonicol. Mida is beginning a new stage in the growth of its business in Europe."

Australia: Armacell has acquired the engineering business of insulation jacketing producer E&M Industries. The group says that the business will continue to operate at its existing site in Perth, Western Australia, under the new name Armacell Australia Engineering.

Armacell Asia-Pacific vice president Liam Douglas said "This deal reinforces our endeavour of transitioning from a materials manufacturer to an industrial solutions provider with a strong focus on energy-saving solutions. E&M Industries has a successful track record in the insulation jacketing industry and we are confident that their experienced team will contribute to our growth in Australia."

Austria: Strabag has acquired hemp insulation producer Naporo Klima Dammstoff from Synthesa. SeeNews has reported that Strabag expects the acquisition to help it to expand its product range in line with its 2040 decarbonisation target. Meanwhile, Naporo Klima Dammstoff says that it will work with Strabag to explore new applications for its products, including in green roofs and as acoustic insulation.

Synthesa managing director Georg Bluemel said “In Strabag, we have found a partner who will continue to write Naporo’s success story in the future. We look forward to additional growth prospects for the company and its employees.”

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: Kingspan acquired the Ronneburg stone wool insulation plant in Thuringia from Karl Bachl on 4 April 2024. Karl Bachl says that the divestment will help it to concentrate more on its core business. Besides insulation, the company also supplies construction services, prefabricated buildings and stone and precast concrete elements.

Ireland-based Kingspan plans to use the acquisition to grow its production capacity and ‘complete’ its insulation product offering.

Poland: Austria-based Hirsch Servo Group has concluded a deal to acquire expanded polystyrene (EPS) insulation producer Tyron. Hirsch Servo Group previously acquired EPS assets in Romania through its takeover of Arcon’s insulating materials division in 2016.

APA Economic News has reported that Hirsch Servo Group chair Harald Kogler said "By entering the Polish insulation market, we not only see a significant expansion of our product portfolio but also important impulses for our already established production sites in Wrocław and Łódź, which primarily focus on packaging production."

Sweden: Ireland-based Kingspan has raised its stake in Nordic Waterproofing to 35.7%, after the company's board and most shareholders rejected a takeover bid by the group. The Irish Times newspaper has reported that some Nordic Waterproofing shareholders accepted the offer, against the company’s recommendation. Following the conclusion of the offer period on 27 March 2024, Kingspan decided not to extend it.

New Zealand: Germany-based building products and systems producer Sto has concluded a deal to acquire its New Zealand distribution partner Stoanz. Sto says that it expects to complete the acquisition on 1 April 2024.

Sto is the market leader in external wall insulation systems in New Zealand. Its other products and services include façade elements and concrete repairs.

Australia: France-based Saint-Gobain has submitted a non-binding indicative offer of US$5.44bn for building materials producer and land banking entity CSR. CSR’s businesses include insulation producer Bradford, fibre cement systems producer Cemintel, wallboard producer Gyprock, autoclaved aerated concrete (AAC) block producer Hebel and roofing producer Monier. Together, CSR’s building materials units accounted for 72% of its sales in 2023.