Insulation industry news from Global Insulation

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.

US: Saint-Gobain has acquired the business assets of speciality insulation products company International Cellulose Corporation (ICC). Saint-Gobain said that the acquisition strengthens its leadership in light and sustainable construction. ICC will become part of Saint-Gobain subsidiary CertainTeed's Commercial Building and Infrastructure business. ICC employs 50 people at its plant in Houston, Texas.

Saint-Gobain North America and CertainTeed president and CEO Mark Rayfield said “With plant fibre-based spray insulation products that allow commercial spaces to be more energy efficient, safe and comfortable, ICC is a perfect fit for Saint-Gobain North America. I look forward to welcoming the ICC team to the Saint-Gobain family and working together to meet our sustainability goals and our purpose: Making the World a Better Home.”

US: Owens Corning has agreed to acquire all outstanding shares of door systems producer Masonite International Corporation for US$3.9bn. This acquisition marks a diversification into the residential building sector for Owens Corning, providing it with a new growth platform on which to leverage its capabilities.

Owens Corning chair and CEO Brian Chambers said "We are excited by this opportunity to add a scalable new growth platform for our company. Masonite is a market leader that complements our existing residential interior and exterior product offering and has consistently demonstrated top-line growth and margin expansion. The combination of our commercial, operational and innovation capabilities allows us to accelerate our long-term enterprise growth strategy with a clear line of sight to meaningful synergies and increased cash flow generation. We look forward to welcoming the talented Masonite team to Owens Corning and working with them to deliver enhanced value to customers and shareholders.”

Germany: Ireland-based Kingspan completed its acquisition of flexible wood fibre insulation producer Steico for Euro250m on 5 January 2024. Alliance News has reported that Kingspan issued shares to former Steico owner, Austria-based Schramek, following its completion of the deal.

UK: France-based waterproofing and insulation group Soprema has agreed to acquire a 75% stake in Celotex. Dow Jones Institutional News has reported that Celotex is presently a subsidiary of Soprema’s fellow France-based conglomerate Saint-Gobain. After completion of the deal in early 2024, Saint-Gobain says that it will retain a 25% stake in Celotex.

Celotex controls the Ipswich polyisocyanurate (PIR) insulation plant in Suffolk.

Sweden: Saint-Gobain Ecophon has entered into a deal to acquire wood wool products company Träullit. Saint-Gobain Ecophon said that the acquisition will complete its existing portfolio of wall and ceiling products.

Saint-Gobain Ecophon CEO Pierre-Emmanuel Thiard said “Träullit has a Swedish legacy to be proud of, and we are happy to start a new journey together to develop this offer. The integration with Ecophon will broaden Träullit’s current sales focus from Scandinavia into further European markets and accelerate growth thanks to Ecophon’s complete solution portfolio and experienced research and development division.”

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.