Insulation industry news from Global Insulation

Lithuania: Russia-based TechnoNicol has divested its Baltic roofing and waterproofing membranes business, Mida, to France-based Soprema. The business includes plants in Lithuania. TechnoNicol acquired Mida in 2001. BNS News has reported that its sales dropped by 17% to €38m in 2023, following the Russian invasion of Ukraine.

Mida said "Mida has completely cut off all ties with its former owner, Technonicol. Mida is beginning a new stage in the growth of its business in Europe."

Ireland: Kingspan’s sales declined by 3% to Euro8.09bn in 2023 from Euro8.34bn in 2022. Its insulation sales fell by 8% and its insulated panels sales by 9%. Meanwhile, roofing and waterproofing sales grew to reach Euro500m. The group’s profit after tax rose by 6% to Euro654m from Euro616m. It invested Euro248m in new acquisitions throughout the year. Kingspan plans to invest Euro750m up to 2028 in order to capture 15% of the flat roofing market in North America.

CEO Gene Murtagh "Beyond insulation, each of our climate-focussed business units across roofing and waterproofing, light, air and water and data and flooring are scaling at pace with every potential for each to exceed Euro1bn divisional revenue over the coming years.” Murtagh added “Given our robust balance sheet, strong development pipeline, strong structural demand for energy efficiency and the ever increasing and obvious impacts of climate change, we expect 2024 to be a year of continuing strategic and operational progress for Kingspan.”

India: France-based Saint-Gobain has acquired waterproofing systems producer Menkol Industries. Menkol Industries operates a high-density polyethylene (HDPE) products plant in the Kinfra Industrial And Textile Park in Kanjikkode, Kerala.

Saudi Arabia: France-based Saint-Gobain agreed to buy waterproofing products company Izomaks Industries on 13 November 2023. Izomaks Industries employs 140 people across its two plants. Solradin News has reported that Saint-Gobain has been active in the Saudi Arabian insulation business since 2007.