Insulation industry news from Global Insulation

Ireland: Kingspan has reported that its group sales rose by 25% year-on-year to Euro903m for the first four months of 2016. It also noted in an interim management statement that order placement in the non-residential segments in the UK had eased ahead of the referendum on European Union (EU) membership scheduled for late June 2016. Insulated panel sales rose by 37% in the period. Insulated board sales rose by 11% driven by strong UK sales and supported by Europe and the US.

Chief executive Gene Murtagh also said at the company’s annual general meeting on 5 May 2016 that the insulation producer had made an investment in a facility selling duct insulation in Iran. The unit is expected to be in production later in 2016 supported by the company‘s UAE business, according to the Irish Independent.

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.