Insulation industry news from Global Insulation

China: China National Building Material Company's (CNBM) net profit has fallen by 83% year-on-year to US$157m in 2015. Its revenue fell by 17.8% to US$15.4bn. China's largest cement producer has blamed the loss of profits on a steep drop in cement sales due to a national slowdown in fixed-asset investments, infrastructure construction and real estate investments.

The state-owned building materials company also produces gypsum wallboard, insulation materials and ceiling systems. Revenue from the sale of lightweight building materials fell by 7.6% to US$1.09bn as the price of gypsum wallboard fell. However, revenue from mineral wool insulation sales and composite materials rose by 25.3% to US$501m due to increased sales of pipes, tanks and rotor blades.

Iran: China National Building Material Company (CNBM) and the Industrial Development and Renovation Organisation of Iran, affiliated with the Industries Ministry, have signed a US$74m contract to build a 30,000t/yr fibreglass and composite manufacturing plant in Marand, East Azarbaijan Province. The capacity could be tripled if Tehran is satisfied with the performance of the Chinese company. As much as US$50m of the capital needed for equipment imports will be financed by Chinese banks while Tehran will provide the rest of the capital covering procurement of domestically-made equipment and construction costs. The project is scheduled to complete in 24 months.