Insulation industry news from Global Insulation

US: Owens Corning has appointed the former Cabot Corporation executive vice president, chief financial officer and president of the Americas region Eddie Cordeiro to its board of directors. He will be tasked with bringing his 25 years’ financial and operational experience to the operations of the global insulation, roofing and fibreglass composite materials leader.

US: Owens Corning’s insulation business earnings before interest and taxation (EBIT) fell by 30% year-on-year to US$57m in the first half of 2019 from US$81m in the same period in 2018. Its net sales dropped by 2% to US$1.25bn from US$1.28bn. Overall sales and EBIT, across all business lines, grew slightly driving by the roofing business.

US: Owens Corning has appointed Todd Fister as the president of its insulation division from 15 July 2019. He succeeds Julian Francis, who will become president and chief executive officer (CEO) of Beacon Roofing Supply. Fister will report directly to Brian Chambers, the president and CEO of Owens Corning.

Fister currently serves as Vice President, Global Insulation and Strategy. Prior to this role, he served as Vice President and Managing Director for European Insulation and Global Foamglas. Before joining Owens Corning in 2014, he worked in various marketing, strategy and finance positions at MeadWestvaco and Kimberly-Clark. Fister began his career at Procter & Gamble, where he served in multiple finance roles. He earned a bachelor’s degree from Miami University and a Ph.D. from the University of Illinois at Urbana-Champaign.

US: Owens Corning plans to expand its RainBarrier continuous insulation product range. The new products in the portfolio will offer better compressive strength. They will be available in the second half of 2019. The building materials producer made the announcement at the AIA Conference on Architecture.

Lithuania: Paroc plans to increase the production capacity of its stone wool plant in Vilnius to 115,000t/yr from 75,000t/yr. The subsidiary of US-based Owens Corning intends to make multiple minor upgrades to reach this goal, according to the Verslo Zinios newspaper. It hopes to achieve the increased production capacity by 2022 subject to market demand.

US: Owens Corning has received R-value certification across all its fibreglass and mineral wool batts and rolls sold in the US. This validation was awarded from the North American Insulation Manufacturers Association (NAIMA) following testing and validation by an accredited third-party laboratory.

Under the program, Owens Corning agreed to have a random selection of products regularly tested to verify compliance with the thermal performance requirements of the Federal Trade Commission's (FTC) ‘Labeling and Advertising of Home Insulation’ (16 CFR Part 460) regulation.

The R-value certification represents the latest in third-party verification Owens Corning has earned across its insulation product portfolio. It will be visible on its packaging later in 2019.

US: Lower sales and production volumes reduced Owens Corning’s earnings in the first quarter of 2019 although it said higher prices partially compensated for this. The net sales for its insulation business fell by 1% year-on-year to US$591m in the first quarter of 2019 from US$596m in the same period in 2018. Its earnings before interest and taxation dropped by 53% to US$15m from US$32m. The company’s overall sales grew slightly but earnings fell.

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.

US: The board of directors of Owens Corning has elected Brian Chambers as chief executive officer (CEO) from 18 April 2019. He will succeed Mike Thaman, who has decided to retire from the role. Thaman will remain with the company as executive chairman.

Chambers, who was promoted to president and chief operating officer (COO) in August 2018, will retain the title of president as he assumes the CEO role. Previously, he served as president of the company’s Roofing business since 2014. Overall, he has 15 years of management experience with Owens Corning in a variety of positions, including roles with the company’s Composites and Building Materials businesses. He also spent over three years as the president of Saint-Gobain’s Distribution business in North America following Owens Corning’s divestiture of the business in which he served as president.

US: Owens Corning has purchased an existing plant in Blythewood, South Carolina where it intends to manufacture coated, non-woven products for a variety of applications within the North American building materials industry. It has spent US$13.6m on the acquisition.

The insulation producer intends to convert an existing line to produce coated, non-woven products. The acquisition is the first step in the creation of a glass non-wovens excellence centre, where the company will continue to invest to expand its capacity with the best available technologies. With existing South Carolina locations in Aiken, Charleston, Duncan and Starr, this will be Owens Corning’s first Richland County presence. Hiring for the new positions is expected to begin in late 2019.

“The Blythewood operation represents a valuable addition to a thriving business. Adding this new capacity and capability for glass-based coating solutions in South Carolina will help us to better serve our residential and commercial building products customers across North America,” said Owens Corning’s Global Non-Wovens Business Vice President Nicolas Del Monaco.