Insulation industry news from Global Insulation

US: LafargeHolcim has signed an agreement to buy Firestone Building Products from Bridgestone Americas for US$3.4bn. The company said that the new subsidiary recorded estimated net sales of US$1.8bn and earnings before interest, taxation, depreciation and amortisation (EBITDA) of US$270m. The group will finance the deal through cash and debt. It said that the acquisition is a milestone in its transformation to become the ‘global leader in innovative and sustainable building solutions.’

Chief Executive Officer Jan Jenisch said, “I am excited to be entering the highly attractive roofing business. With Firestone Building Products we are strengthening our biggest market, the US, while also building a global growth and innovation platform for the company. Today’s milestone is a strategic leap on our journey to become the global leader in innovative and sustainable building solutions to build a world that works for people and the planet. I have great respect for the high-calibre leadership and expertise of the Firestone Building Products’ team and look forward to welcoming them into the LafargeHolcim family.”

US: Switzerland-based LafargeHolcim has said that it is in talks with Bridgestone about its possible acquisition of the latter’s energy-saving roofing systems specialist subsidiary Firestone Building Products. Bloomberg News has reported that talks are in their advanced stages and may conclude before 9 January 2020.

Ireland/US: Ireland-based Kingspan has pulled out of bidding for Firestone Building Products. Bloomberg News has reported that both Kingspan and Standard Industries have dropped out of the auction. The roofing and building materials company was expected to reach a value of Euro2bn. The deadline for submitting offers is 28 December 2020.

Earlier in December 2020, Kingspan’s chief executive officer (CEO) Gene Murtagh apologised for ‘process shortcomings’ that have been highlighted by the ongoing Grenfell Tower Inquiry in the UK.

US: Michael Darr has been appointed as the operations manager of Firestone Building Products’ plant in Waukesha, Wisconsin. He previously worked as the plant manager for Bridgestone’s tyre plant in Wilson, North Carolina, according to the Wilson Daily Times newspaper. Firestone, a subsidiary of Bridgestone, purchased Gaco Western, a producer of insulation and roofing products, in April 2017 including the Waukesha site.

Germany: Panattoni Europe has held the groundbreaking ceremony for a new roofing insulation plant in Heinsberg for Firestone Building Products. Panattoni Europe is responsible for the planning and implementation of the projecy and Goldbeck International has been commissioned as the general contractor for construction of the unit. The plant is scheduled to start production in the summer of 2018.

Germany: Firestone Building Products Company says that it will build an insulation plant in Heinsberg. The site will establish a European insulation manufacturing and distribution presence for the subsidiary of tyre and rubber manufacturer Bridgestone. The plant is expected to be fully operational in 2018.

“The Heinsberg location will be the second European manufacturing facility for the company. We acquired the Giscosa EPDM (ethylene propylene diene monomer) plant in Terrassa, Spain in 2013,” said Troy Geuther, managing director of international operations and vice president, Firestone Building Products. The new facility will expand production and distribution of polyiso foam, the company’s polyiso foam insulation used in commercial construction.