Insulation industry news from Global Insulation

UK: Sergei Kolesnikov, president of construction materials producer TekhnoNicol, will acquire Superglass. Kolesnikov has made an offer of US$11.49m for the Scottish glass mineral wool insulation producer via his company Inflection based in Cyprus. The board of directors of Superglass unilaterally recommended approving the purchase proposal. The shareholders who own 63.5% in Superglass have already submitted irrevocable obligations to sell their stakes.

"This transaction and the commercial partnership between Superglass and TekhnoNicol, is a strategic opportunity for all parties, providing TekhnoNicol, with a presence in the UK and Irish insulation markets. We are impressed with Superglass' management team and look forward to working with them," said Sergei Kolesnikov, the sole shareholder of Inflection.