Insulation industry news from Global Insulation

Netherlands: Belgium-based Triple Helix has signed an agreement as one of the first concessionaires at the NextGen District at the Port of Antwerp. It plans to build a plant to convert polyurethane foam, from insulation panels and other sources, into polyols. These chemicals can then be reused, for example in the production of new polyurethane products. The plant is intended to be fully circular and self-sufficient in terms of energy.

Steven Peleman, the chief executive officer of Triple Helix, said “To drastically reduce emissions and waste pollution, we want to show the principle of material reincarnation to the world. In our plant at NextGen District, we want to recover polyurethane foams at the end of their life and transform them into their main components to be used again in new products. This is innovative and challenging, but with Port of Antwerp, BlueChem and our industrial and knowledge partners, we are ready to fight this battle. Not words but deeds!”

The Port of Antwerp has set aside the former 88 hectare General Motors site to develop into a future circular economy hotspot. Rubber and plastics recycling company US-based Bolder Industries has also signed up for an early place at the port.

Romania: Belgium-based Knauf Insulation has agreed to acquire the Târnăveni glass wool plant from Gecsat for an undisclosed sum.

Dominique Bossan, the group chief executive officer of Knauf Insulation, said “The Romanian acquisition will support Knauf Insulation’s growth ambitions and add extra capacity to meet increasing demand for our solutions across the Eastern European and Commonwealth of Independent States (CIS) regions.” He added that the company plans to upgrade the plant after the acquisition has been completed.

Spain: Etex has signed a deal with Germany-based Xella Group for the acquisition of its subsidiary URSA. The Belgium-based group says that the move confirms its portfolio shift towards lightweight construction materials. URSA produces its expanded polystyrene (EPS), extruded polystyrene (XPS) and glass and mineral wool insulation across a total of 13 sites and has operations in 20 European countries.

Chief executive officer Bernard Delvaux said “The acquisition of URSA confirms the portfolio shift initiated a few years ago by Etex to become a global leader in lightweight and modular construction. This acquisition is a strategic fit for Etex combining a new growth platform with a strong focus on sustainability. I have been truly impressed by both the quality of the management at URSA and its sound business model. I look forward to welcoming our new teammates to Etex and embarking on a prosperous future together.”

Belgium: Plastics producer Greiner has offered to fully acquire Recticel for Euro1.17bn, including debt. Austria-based Greiner currently holds a 27% stake in the company. The group has valued Recticel’s insulation business at Euro411m. However, Recticel has said that the offer undervalues the division. US-based foam and fibres producer Carpenter previously valued the insulation business at Euro656m in its on-going bid to acquire the company’s engineered foams unit.

Recticel has until 17 December 2021 to issue its decision on the Greiner offer. Before then, it will decide on the possible sale of its engineered foams unit to Carpenter at an extraordinary general meeting. It is currently carrying out due diligence checks for the latter deal.

Belgium: Dominique Bossan has stepped into the roles of head of Knauf Insulation and member of Knauf Insulation Europe/Middle East/Africa’s management committee. Bossan first joined Knauf Insulation in 2003 and has since held roles as Eastern Europe regional managing director and as a member of Knauf Gypsum Western Europe, South America and Israel’s management. He now returns to Knauf Insulation’s headquarters in Visé, Belgium, to take over leadership from Jean-Claude Carlin, who has held the position since 2016.

Bossan said “Jean-Claude, the management team and everyone at Knauf Insulation should be exceptionally proud of what has been achieved in recent years. I am now looking forward to maximising this success to create exciting new opportunities in the future — a future defined by our leadership and innovation For a Better World.”

General partner Alexander Knauf said “The Knauf Group management is delighted to welcome Dominique to this exciting role. He is an exceptional leader who knows our business extremely well. We are confident he will build on the outstanding results Jean-Claude, and the company, has achieved in recent years.”

Belgium: Etex is investing Euro1.2m on an upgrade to its Sint-Niklaas high performance insulation plant. The project is intended to increase the plant’s capacity by 30% in order to benefit cold supply chain markets currently supporting vaccine transport. The company estimates that it will generate over Euro6m in sales from its ‘high-performance, ultra-thin’ insulation products used in both building applications and passively cooled containers for vaccine transport.

Head of Industry Steven Heytens said “Our products contribute to global energy efficiency and create sustainable value for our customers. Driven by the European Union Green Deal, we expect the demand for thin insulation solutions for building and cool logistics applications to increase strongly in the coming years. This investment fits with our growth strategy and confirms our commitment to strengthening our European position in high performance microporous insulation.”

Poland: Belgium-based Recticel has signed a preliminary agreement with Poland-based insulation company Gór-Stal. Under the agreement, the producer will acquire the company’s polyisocyanurate (PIR) insulation business for Euro30.0m. The company employs 66 people at its Bochnia plant in Lesser Poland Province. In 2020 it generated net sales Euro16.7m and earnings before interest, taxation, depreciation and amortisation (EBITDA) of Euro2.50m. Its capacity utilisation rate was 40%.

Chief executive officer Olivier Chapelle said, “The acquisition of the Gór-Stal PIR-based insulation board activities marks an important step in the development of our insulation business. This acquisition perfectly fits our ambition to further expand in the growing thermal insulation markets of Central and Eastern Europe. It meets three fundamental prerequisites: a state-of-the-art asset, a perfect geographical complementarily, and a focus on high performance PIR insulation solutions. We look forward to welcoming our new and highly skilled colleagues from Gór-Stal.”

Recticel expect to close the deal in July 2021.

Belgium: Recticel’s consolidated net sales fell by 6% year-on-year in 2020 to Euro829m from Euro879m in 2019. Its earnings before interest, taxation, depreciation and amortisation (EBITDA) fell by 15% to Euro51.6m from Euro60.7m. Sales from its insulation business rose slightly to Euro249m driven by a strong second half of 2020 and higher prices due to higher raw input costs. The group made divestments to businesses held by its flexible foams and automotive divisions on 30 June 2020 significantly improving its sales and earnings in the reporting year.

Chief executive officer Olivier Chapelle said, “After an 18% sales decline in the first half of 2020 caused by the Covid-19 lockdown, the second half of 2020 was marked by significant sales fluctuations varying from one business segment or country to another, influenced by the subsequent waves of the Covid-19 outbreaks and the related precautionary measures taken by national governments. In this difficult context, we managed to generate a robust 7% sales growth in the second half of 2020 and a 10% increase in adjusted EBITDA.”

“Numerous ‘force majeure’ events at the premises of our chemical raw material suppliers have created and continue to create supply shortages of polyols and isocyanates. Our suppliers have used this situation to implement price increases at an historically high pace, leading to new all-time highs. In response to this, we were compelled to mitigate these cost increases through corresponding sale price increases. The situation is expected to normalise as of the third quarter of 2021.”

Belgium: Knauf Insulation has launched its 2020 Annual Review. Europe, Middle East and Asia management committee member Jean-Claude Carlin said, “The global pandemic has put our people and our values of challenge.create.care. firmly in the spotlight this year.”

The company said that it navigated continuous challenges by ensuring staff and customers were ’As Safe As Home.’ It implemented plans to achieve its new ‘For a Better World’ sustainability strategy under the headings ‘Putting People First,’ ’Achieving Zero Carbon,’ ’Delivering a Circular Economy’ and ’Creating Better Buildings.’ The last includes the company’s plans for a new Eco-Design tool and efforts to drive the European Commission’s ‘Renovation Wave.’ The producer also reduced carbon dioxide (CO₂) emissions per cubic metre of product by 23% between 2010 and 2019.

Carlin said, “These milestones will keep our sustainability journey on track and ensure that we are all responsible for delivering success not leaving problems for the next generation. These milestones are an exciting challenge that I am confident will bring out the best in everyone. I look forward to reporting positive progress next year.”

Belgium: Knauf Insulation has announced its new sustainability strategy, entitled ‘For A Better World.’ The company says, “The strategy is defined by clear concrete targets for 2025, focussing on four key sustainable goals: Putting People First, Achieving Zero Carbon, Delivering A Circular Economy and Creating Better Buildings.” Its targets include reducing total recordable incident rate from 9.2 to 5.0, reducing the embodied carbon dioxide (CO₂) of products by 15%, investing 10% of general capital expenditure (CAPEX) in new projects to reduce emissions or landfill waste, cutting the carbon footprint of business travel by 25%, reducing virgin plastic packaging by 25%, using more than 25% of external recycled material in mineral wool and more than 65% recycled material in glass wool and sending zero production waste to landfill. Chief executive officer (CEO) Jean-Claude Carlin said, “These clear, concrete short-term targets for 2025 support our long-term commitments in ways that everyone can start achieving now.”

Director of sustainability Vincent Briard said, “Sustainability defines everything we do. Our products save energy, cut emissions and make buildings fit for the future. We have the experience and expertise to ensure all our customers achieve their sustainable ambitions. We are also here to help. We are supporting our customers as they navigate market forces and regulatory landscapes that are increasingly demanding more sustainable building solutions.”