Insulation industry news from Global Insulation

Europe: US-based Owens Corning has joined the European Alliance to Save Energy (EU-ASE). The producer said that its membership in the alliance will help in its drive for best practices in material innovation and energy efficiency in Europe.

Owens Corning’s Europe regional regulatory and sustainability senior counsel said “Owens Corning is honoured to join the EU-ASE. This is an exciting opportunity to strengthen our partnerships with key stakeholders and continue to build a sustainable future through material innovation. We are committed to the European Green Deal objectives and will continue to share best practices and knowledge across industries on key sustainability topics, such as energy efficiency, sustainability and digitalisation, while contributing to the green transition in Europe.”

US: Owens Corning has appointed Nicolas Del Monaco as the president of its insulation business with effect from 15 September 2023. He will succeed Todd Fister in the post, who is taking over the role of chief financial officer. Del Monaco will report directly to chair and chief executive officer Brian Chambers and serve as a member of the company’s executive committee.

Del Monaco joined Owens Corning in 2000 and currently serves as senior vice president and managing director of the company’s European operations, leading a team of 4400 employees spanning both the Insulation and Composites businesses. Prior to that, he served as vice president of non-wovens and glass reinforcements Europe. During his tenure with the company, he has also held a variety of finance, operations and general management roles.

US: Todd Fister will take over as chief financial officer (CFO) at Owens Corning from 15 September 2023. Fister brings 27 years’ experience at Fortune 500 companies spanning the global building materials, consumer products and packaging industries. This includes working as president of Owens Corning’s Insulation business since 2019, where he leads a team of 8000 people. His work in the role has included developing the producer’s enterprise strategy. Fister also sits on the Owens Corning executive committee. He holds an economics degree from Miami University, and also obtained a PhD from the University of Illinois Urbana-Champaign.

Owens Corning chair and CEO Brian Chambers said "I've worked closely with Todd over the past several years, and am excited to welcome him to the CFO role. Todd brings a broad set of financial, operational and strategic experiences and capabilities to the new role, along with invaluable customer perspective, that will be critical as we continue to accelerate our growth and expand the earnings power of our company."

Fister will replace Ken Parks, who is stepping down to pursue another professional opportunity. Thanking Parks for his contributions while CFO, Chambers said “Under Ken's leadership, we have strengthened the capability of our global finance team and consistently delivered our financial targets."

US: Owens Corning is planning to close its fibreglass insulation plant at Eloy in Arizona due to poor residential housing market conditions. The Casa Grande Dispatch newspaper reports that the company’s decision was announced at a local council meeting in late July 2023. The Eloy plant was in operation for 15 years before being previously closed in 2010. However, in late 2021 the company announced plans to restart production at the unit. The closure will entail 36 job losses.

US: Owens Corning’s sales of insulation grew by 2% year-on-year to US$1.82bn in the first half of 2023 from US$1.79bn in the same period in 2022. Its earnings before interest, taxation, depreciation and amortisation (EBITDA) rose by 9.5% to US$427m from US$390m. The group noted that insulation sales fell year-on-year in the second quarter of 2023 due to lower volumes, although this was partially offset by price rises and changes to its product mix. Overall, the company’s composites sales fell in the first half of 2023, leading to a slight drop in sales to US$4.89bn and a decline of 4% in adjusted EBITDA to US$1.15bn.

US: Owens Corning has published its 2022 Sustainability Report, detailing its progress towards its 2030 sustainability goals during 2022. During the year, the insulation producer reduced its CO₂ emissions by 22% compared with 2018 levels, against a 2030 reduction target of 50%. It sourced 56% of its electricity renewably. It achieved this with the help of multiple power purchase agreements (PPA), including for on-site generation. It concluded a new 81.9MW virtual PPA in Spain, which will come online in stages throughout the rest of 2023 and 2024.

Senior vice president and chief sustainability officer David Rabuano said "In 2023 and beyond, sustainability will remain at the heart of our business and a critical value creator for Owens Corning, our customers and other stakeholders. As we shift into the next chapter of our sustainability strategy, we will build on the foundational efforts that have been central to sustainability within our organisation - and with the engagement of our 19,000 employees worldwide, we will take the action needed to reach the next level."

US: The National Insulation Association (NIA) has named Armacell, Johns Manville, Knauf Insulation, Owens Corning and Rockwool Technical Insulation as its Premier Industry Manufacturers 2023. The designation celebrates leadership and industry advocacy by NIA members.

NIA executive vice president and CEO Michele Jones said “Congratulations to these five leading companies! Each year, I am impressed by the way these NIA member companies find new, innovative and tangible ways to amplify the message about the power of insulation and their commitment to NIA. These manufacturers are setting themselves apart from the pack by demonstrating the importance of involvement and leadership. We look forward to promoting them all throughout 2023.”

US: Owens Corning has published plans for a new extruded polystyrene (XPS) insulation plant in Russellville, Arkansas. The Courier newspaper has reported that the plant will produce the company's Foamular NGX brand insulation. It will employ an estimated 50 people.

Owens Corning previously invested US$24.5m in an expansion to its Fort Smith glass and mineral wool insulation plant in the state, also creating 50 new jobs.

US: Owens Corning has achieved inclusion on the Dow Jones Sustainability World Index 2022, topping the Building Materials category. The producer scored 88 out of 100 for sustainable performance across multiple indices. It recorded full marks for environmental reporting, materiality, recycling strategy, risk and crisis management and social reporting.

Owens Corning's senior vice president and chief sustainability officer David Rabuano said, "Earning placement on this index for the 13th consecutive year is a validation of the daily efforts of our colleagues across our operations globally. I am proud that their hard work and diligence in our sustainability efforts continues to be the driver of our leadership on the Dow Jones Sustainability Index - and an ongoing contributor to achieving our goals for 2030 and beyond."

US: Owens Corning recorded sales of US$7.48bn during the first nine months of 2022, up by 17% year-on-year from US$6.37bn in the first nine months of 2021. Its adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) rose by 24% to US$1.8bn from US$1.45bn. The group's insulation sales rose by 19% to US$2.76bn from US$2.32bn. The segment's higher selling prices reportedly offset accelerating energy, material and transport inflation.

During the year, the company transferred or sold all Russian assets, which had previously contributed US$100m in sales in 2021. Elsewhere, Owens Corning launched three new products during the third quarter of 2022 alone.