Insulation industry news from Global Insulation

UK: State-owned Scottish National Investment Bank has granted Euro2.26m in funding to Industrial Nature for the development of its IndiTherm hemp-based insulation. Industrial Nature is based in Edinburgh, Scotland.

UK: Edinburgh-based bio-insulation company IndiNature is preparing to build a Euro4.4m production plant at Hawick in southern Scotland. The company is currently in talks with Scottish Borders Council, contractors and others about the project, according to the Southern Reporter newspaper. The 2600m3 plant is set to create 30 jobs. It is hoped that the new unit will be ready by the end of 2020. IndiNature manufactures its rigid IndiBoard and IndiTherm batts insulation products from plant-based materials.

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.