Insulation industry news from Global Insulation

Germany: Ireland-based Kingspan completed its acquisition of flexible wood fibre insulation producer Steico for Euro250m on 5 January 2024. Alliance News has reported that Kingspan issued shares to former Steico owner, Austria-based Schramek, following its completion of the deal.

Spain: Norway-based BEWi has concluded a deal for the acquisition of an 80% stake in Aislamientos y Envases. Aislamientos y Envases operates three Spanish insulation plants, where it produces its expanded polystyrene (EPS) insulation products, including boards for underfloor heating and panels for external thermal insulation composite systems.

BEWi CEO Christian Bekken said “Through this acquisition, we are expanding our geographic footprint into Spain, primarily within the market for insulation solutions." Bekken added "There is a huge need to make buildings in Europe more energy efficient, to reduce CO₂ and energy costs.”

Norway: Bewi’s shareholders have voted in favour of the company’s acquisition of the remaining 50% of Jackon Holding in order to become sole owner. Bewi will hold an extraordinary general meeting following the completion of due diligence checks to authorise the issuance of Bewi shares as consideration for the deal to Jackon Holdings’ controlling shareholder Haas.

UK: The shareholders of SIG have voted against the reappointment of Deloitte as auditor for the insulation materials producer. The board said that it took its shareholders’ views ‘extremely seriously’ and that it will find a new auditor as soon as practically possible. The shareholder discontent follows the discovery that the company’s profits were overstated in 2016.

In a trading statement covering the first four months of 2018, the company revealed that its sales fell slightly by 0.3%. Sales revenue fell by 4.4% year-on-year in the UK and Ireland due to poor weather in February and March. European sales rose by 3.8% due to good performance in Germany, the Benelux region and Poland.