Insulation industry news from Global Insulation
Owens Corning publishes 2023 Sustainability Report
21 March 2024US: Owens Corning has published its 2023 Sustainability Report, highlighting its advances in sustainability in the past year. These included a 59% share of revenues from reduced-CO2 products, with a 25% share of revenues from 14 products certified as produced with 100% renewable electricity. Scope 1 and 2 emissions fell by 28% from 2018 levels, in line with the group’s 50% 2030 reduction target. It launched a pilot bitumen felt shingle recycling programme, aimed at recycling 2Mt/yr of shingles in the US by 2030. Further, Owens Corning reduced its generation of landfill waste by 14% from 2018 levels, and launched a Circular Economy Recycling Technology Innovation Laboratory in Granville, Ohio. In 2023, the group’s incident rate was 81% below the industry average, and it remains on track to meet its 2030 inclusion and diversity goals.
Senior vice president and chief sustainability officer David Rabuano said “Our 2030 sustainability goals are growing ever closer, and we believe that the targets we have set for ourselves are well within our reach. This confidence is the result of our employees’ unparalleled engagement and enthusiasm for our mission coupled with our investments in the innovation required to execute new solutions.”
Chair and CEO Brian Chambers said “Owens Corning demonstrated outstanding financial and sustainability results in 2023, showcasing the power of our company’s mission to build a sustainable future through material innovation. This report reflects the global scope of our people and our products and the many ways they work to make the world a better place.”
Owens Corning recorded net sales of US$9.68bn in 2023, down by 1% from US$9.76bn in 2022, while its adjusted earnings before interest and taxation, depreciation and amortisation (EBITDA) grew by 2% to US$2.31bn.
Owens Corning to acquire Masonite International Corporation outright
12 February 2024US: Owens Corning has agreed to acquire all outstanding shares of door systems producer Masonite International Corporation for US$3.9bn. This acquisition marks a diversification into the residential building sector for Owens Corning, providing it with a new growth platform on which to leverage its capabilities.
Owens Corning chair and CEO Brian Chambers said "We are excited by this opportunity to add a scalable new growth platform for our company. Masonite is a market leader that complements our existing residential interior and exterior product offering and has consistently demonstrated top-line growth and margin expansion. The combination of our commercial, operational and innovation capabilities allows us to accelerate our long-term enterprise growth strategy with a clear line of sight to meaningful synergies and increased cash flow generation. We look forward to welcoming the talented Masonite team to Owens Corning and working with them to deliver enhanced value to customers and shareholders.”
Owens Corning ranks on Dow Jones Sustainability World Index
18 December 2023US: Owens Corning celebrated its inclusion on the Sustainability World Index for its 14th consecutive year on 14 December 2023. Companies’ S&P Global Corporate Sustainability Assessment (CSA) contributed towards their assessment for the index. Owens Corning has a score of 85.
Chair and chief executive officer Brian Chambers said "Our industry-leading score is a testament to Owens Corning's unwavering commitment to sustainability and our progress toward achieving our 2030 sustainability goals. We remain dedicated to providing sustainable solutions to our customers and making a positive impact on the world."
US: Owens Corning commenced construction of its planned US$60m Russellville extruded polystyrene (XPS) insulation plant in Arkansas. When commissioned in 2025, the plant will employ 50 people and produce Owens Corning’s Foamular NGX XPS insulation. Local press has reported that the move represents the company’s third expansion in Arkansas since the start of 2022. It has been present in the state since 1985.
Owens Corning vice president and general manager, foam insulation, Rodney Wideman said "This new plant and today's groundbreaking ceremony represents commitment to our customers' growth and the Russellville community.”
Owens Corning’s sales soften so far in 2023
26 October 2023US: Owens Corning’s net sales fell by 1% year-on-year to US$7.37bn in the first nine months of 2023 from US$7.48bn in the same period in 2023. Its adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) decreased slightly to US$1.80bn. Its net sales from its insulation division fell year-on-year in the third quarter of 2023 due to lower volumes in both the North American residential insulation and technical and global insulation businesses. However, the company said that price rises partially offset this.
Owens Corning is a Top 10 Corporate Citizen
19 October 2023US: Owens Corning was named among the Top 10 companies on the Best Corporate Citizen list 2023. The list ranks all companies on the Russell 1000 Index by transparency and performance across 184 environmental, social and governance factors. The result represents Owens Corning’s sixth consecutive year as a Top 10 company.
Senior vice president and chief sustainability officer David Rabuano said “This achievement is particularly meaningful as it reinforces the importance of our work and how we do it. This directly speaks to the commitment of our 19,000 employees in support of our mission to build a sustainable future through material innovation.”
Owens Corning joins European Alliance to Save Energy
19 September 2023Europe: 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.
Owens Corning appoints Todd Fister chief financial officer
25 August 2023US: 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.