Insulation industry news from Global Insulation

Azerbaijan/Georgia: TechnoNicol plans to increase its mineral wool exports to Azerbaijan and Georgia from Russia by 30% year-on-year in 2019, according to the Trend News Agency. Mineral wool production at its Krasny Sulin plant in Russia increased by 6% year-on-year to 1.5Mm3 in 2018 due to growing exports.

Ireland: Kingspan’s revenue grew by 19% year-on-year to Euro4.37bn in 2018 from Euro3.67bn in 2017. Its earnings before interest, taxation, depreciation and amortisation (EBITDA) increased by 18% to Euro521m from Euro442m. Insulated panels sales rose by 21% to Euro 2.82bn due to good sales in the Americas and Europe. Insulation boards sales grew by 12% to Euro 864m due to the group’s acquisition of Synthesia Insulation in Spain, on-going growth of its Kooltherm product and general market buoyancy.

“2018 was a year of strong growth for Kingspan, with the company delivering revenues of over Euro4bn for the first time. Performance has been robust in most of our major markets, and momentum has improved through the year,” said Gene M Murtagh, chief executive of Kingspan.

US: Owens Corning’s insulation sales rose by 36% to US$2.72bn in 2018 from US$2bn in 2017. Its earnings before interest and tax (EBIT) increased by 64% to US$290m form US$177m. Overall, across all business lines, its sales and earnings grew in 2018 but slower than the insulation division.

“Owens Corning had another record year in terms of revenue and adjusted EBIT, with all three businesses delivering double-digit EBIT margins,” said chairman and chief executive officer (CEO) Mike Thaman.

Belgium: Femke de Jong has been appointed as Climate & Energy Manager at European Insulation Manufacturers Association (EURIMA). She will be responsible for all the climate and energy related topics within the multidisciplinary EURIMA-staff relating to energy efficiency first, energy efficiency in buildings, building renovation, the implementation of the Clean Energy for All Europeans Package, Long Term Climate & Energy Strategies, the European Union (EU) Emissions Trading Scheme (ETS) and the support of and cooperation in EURIMA’s partners and allies network.

De Jong is a graduate in Econometrics. She holds over a decade of experience in climate, energy and environmental policies in consultancy, politics and the non-profit sector. She worked for almost five years at Carbon Market Watch as the organisation's policy director. Before that, she was a political advisor in the European Parliament and a researcher at environmental consultancy CE Delft.

US: Huntsman’s polyurethane revenue rose by 16% year-on-year to US$5.09bn in 2018 from US$4.40bn in 2017. Its earnings before interest, taxation, depreciation and amortisation (EBITDA) grew by 11% to US$946m from US$850m. Overall, across all business segments, the company’s sales and earnings rose.

The chemicals producer said that its polyurethane segment had lost revenue in the last quarter of 2018 due to lower methylene diphenyl diisocyanate (MDI) prices. MDI sales volumes increased due to the start-up of a new Chinese MDI unit in 2018 and the acquisition of Demilec, a North American polyurethane spray foam company, in April 2018.

“2018 was another successful year for Huntsman as we reported record earnings and consistent robust free cash flow. We continued to expand in our downstream and differentiated businesses both through internal investments and bolt-on acquisitions,” said Peter R Huntsman, chairman, present and chief executive officer (CEO).

Denmark: Rockwool’s external net sales for its insulation business rose by 16% year-on-year to Euro2.07bn in 2018 from Euro1.78bn in 2017. Its earnings before interest and taxation (EBIT) grew by 45% to Euro266m from Euro184m. It attributed the sale increase to the insulation market in Europe and North America. Overall the group’s sales, including its systems business, grew by 12.5% to Euro2.67bn from Euro2.337bn.

“We achieved a great deal in 2018. Our company is financially solid, expanding operations to meet customer demand, and benefiting from strong brand awareness and reputation. Sales growth and profitability were strong, with the EBIT margin the second highest in the group’s recent history, notwithstanding being affected by increasing input costs. For 2019, we expect good profitability, though with a lower top-line growth than 2018,” said Group chief executive officer (CEO) Jens Birgersson.

Australia: Kingspan Insulation is preparing to discontinue its Kooltherm K10 FM Soffit Board rigid insulation product ahead of changes to the National Construction Code (NCC) set to be enforced on 1 May 2019. The standard introduced in 2016, AS 5637, requires foil faced internal lining materials to be installed on both walls and ceiling when undertaking the full-scale room fire test ISO 9705.

To prepare for the change Kingspan will promote its Kooltherm K10 FM G2 Soffit Board product. It features a thicker foil lining and has already undergone the ISO 9705 test, achieving a Group 2 rating. The product has been supplied to the New Zealand market and it will now be launched in Australia.

“Kingspan Insulation have been preparing for this transition for some time. We are confident in our ability to supply a product that will not only adhere to the new NCC standard but will also provide the same great thermal performance that our customers have come to expect from us,” said Kingspan Insulation’s Sales Director, Craig Burr.

UK: Knauf Insulation has appointed Neil Hargreaves as its new managing director for the Northern Europe region. He will be responsible for strengthening the company’s position in the mineral wool insulation industry. Hargreaves was previously the finance director of the company. He succeeds John Sinfield, who is leaving to pursue another opportunity outside the company.

Italy: Gamma Meccanica has acquired mineral wool pipe section production technology from Germany’s MPN Maschinenbau. As part of the purchase, Mark Desomer has joined the Italian mineral wool production line manufacturer. No value for the transaction has been disclosed.

“We are delighted to cooperate as one team in the future. It is an exciting new chapter to continue our journey to develop state of the art mineral wool pipe section production units based on our mutual know-how,” said Andrea Magnani Managing Director at Gamma Meccanica .

Bahrain: Turkey’s ThermoBor has met with government officials to discuss setting up a regional office. The hub will serve Bahrain and the wider Gulf market, according to the Bahrain News Agency.