Insulation industry news from Global Insulation

Germany: EU competition authorities have approved Ireland-based Kingspan’s acquisition of a 51% majority stake in wood fibre insulation producer Steico. Kingspan concluded the deal with wood products company Schramek in July 2023, and expects to complete its acquisition of the stake in early January 2024.

Romania: Switzerland-based Swisspor Group has concluded a deal to acquire extruded polystyrene (XPS) insulation producer BriothermXPS. BriothermXPS sells its insulation across Central and Southeast Europe. Swisspor Group thanked its deal coordinator Concilium Consulting for helping it to conclude the agreement ‘despite a challenging market environment and complex transaction structure.’

New Zealand: Ireland-based Kingspan has applied for clearance to acquire polyisocyanurate (PIR) insulation producer Conqueror. Conqueror operates the Christchurch insulation plant in Canterbury. Kingspan already supplies PIR foam core material to the plant. After the planned acquisition, Conqueror will retain its wholesale insulation distribution business.

Sweden: Ireland-based Kingspan has made a mandatory cash offer for the outstanding 69% of shares in Nordic Waterproofing, the Irish Times newspaper has reported. Kingspan previously raised its stake in the waterproofing products and services company to 31% on 13 September 2023.

Canada: Saint-Gobain completed its acquisition of Building Products of Canada at the start of September 2023 for an undisclosed sum. The privately-owned company manufactures residential roofing shingles and wood fibre insulation panels. It has 460 employees and three manufacturing plants, at Montreal in Quebec, Edmonton in Alberta and Pont-Rouge in Quebec. Saint-Gobain says that the purchase is intended to establish its position worldwide in light and sustainable construction. The acquisition was first announced in June 2023.

Croatia: Italy-based public-private investment company Simest has acquired a 44% stake in Ediltec Croatia for US$2.1m. SeeNews has reported that the new funds will go towards Ediltec Croatia’s construction of its planned 250,000m²/yr Lepoglava insulating panel plant.

Canada: The Competition Bureau of Canada has cleared France-based Saint-Gobain to acquire Building Products of Canada. Building Products of Canada produces wood fibre insulation panels, among other materials for construction. Saint-Gobain says that the company complements its subsidiary CertainTeed Canada’s existing operations. It expects to complete the acquisition on 1 September 2023.

Denmark: Qubiqa has acquired robotics company CH System. The purchase will see it to gain access to several new business areas such as food handling, pharmaceutical handling and so-called ‘Power-to-X’ energy conversion applications. The move will increase Qubiqa’s staff by 70 persons.

Axel Manøe Jepsen, chair of Qubiqa, said "Today, close to 90% of our activities are within our core business for the insulation industry. Strategically, CH System fits ideally with our ambition to expand our business areas and ensure that we are more broadly based in several markets. We believe that the acquisition strengthens the future of both companies."

Prior to the acquisition, Qubiqa had 240 employees divided between sales, administration, engineering and production in Esbjerg as well as production in Poland. The company develops and produces automated packaging solutions for the insulation manufacturers around the world.

CH System was established in 1968. It produces handling and packaging systems for a variety of industries including the food packaging, mineral wool handling and biomass handling sectors.

UK: Belgium-based Etex has concluded a deal to acquire glass wool insulation producer Superglass. Superglass operates the Stirling glass wool insulation plant in Stirling, Scotland, and employs 200 people. Etex says that the acquisition will increase its number of employees in its insulation division, which operates 11 plants across Europe, to 1500, and its total UK-based employees to 1300. Etex already produces gypsum wallboard, fibre cement sidings and slates and fibre cement corrugated sheets in the UK.

CEO Bernard Delvaux said “Etex has a clear focus to be the most innovative and sustainable global lightweight building material manufacturer. Joining forces with Superglass today is a great step forward on our growth path in insulation, just one year after we acquired URSA. The need for energy efficient and sustainable buildings is crucial, and Superglass and URSA are a perfect answer for it.”

Canada: Saint-Gobain has entered into a definitive agreement to buy Building Products of Canada for around Euro925m in cash. The privately owned company manufactures residential roofing shingles and wood fibre insulation panels. The acquisition is intended to reinforce Saint-Gobain’s position in light and sustainable construction in the Canadian market. Closure of the transaction is subject to customary conditions and expected by the end of 2023.

Benoit Bazin, chief executive officer of Saint-Gobain, said “This is an important and logical step for Saint-Gobain, allowing us to establish a leading position in roofing in Canada, completing our offering for the building envelope which we have reinforced with the recent Kaycan and GCP acquisitions. It completes our offering of solutions for light and sustainable construction in Canada as we have done successfully in the US.”