Iran: China National Building Material Company (CNBM) and the Industrial Development and Renovation Organisation of Iran, affiliated with the Industries Ministry, have signed a US$74m contract to build a 30,000t/yr fibreglass and composite manufacturing plant in Marand, East Azarbaijan Province. The capacity could be tripled if Tehran is satisfied with the performance of the Chinese company. As much as US$50m of the capital needed for equipment imports will be financed by Chinese banks while Tehran will provide the rest of the capital covering procurement of domestically-made equipment and construction costs. The project is scheduled to complete in 24 months.

Poland: Faist ChemTec has launched a second production line at its plant in Zlotoryja, which produces acoustic insulation materials for the automotive industry and for the producers of electrical household appliances. Thanks to the investment, some 25 new jobs will be created. Financial details of the project have not been disclosed.

Bulgaria: Bulgarian insulation materials producer Hydroizomat said that its net loss rose to Euro613,600 in the first nine months of 2015 from Euro92,201 in the same period of 2014. Its operating loss jumped to Euro511,219 from Euro29,708 in the year-ago period. The company's total revenue plunged to Euro226,908 in the first nine months of 2015 from Euro482,499 in the same period of 2014.

US: Owens Corning's net sales increased by almost 6% year-on-year in the third quarter of 2015, led by an 11% increase in insulation sales.

Owens Corning reported US$1.46bn in net sales during the third quarter of 2015, up from US$1.38bn in the same period in 2014. This boosted its sales by 1.7% year-on-year in the first nine months of 2015. Sales of insulation composites and roofing all increased in the third quarter. Ownes Corning's net earnings in the third quarter of 2015 were US$112m, up from US$52m in 2014. Insulation earnings before income tax grew for a 17th consecutive quarter. Insulation sales jumped from US$454m in the third quarter of 2014 to US$502m in the third quarter of 2015, an 11% improvement. For the year, insulation sales have increased by 6%.

"Owens Corning had a very strong quarter, as all three businesses made substantial contributions to earnings," said Mike Thaman, Chairman and CEO. "Our businesses performed at double-digit margin levels as a result of positive macro trends and strong commercial and operational execution."

Owens Corning expects to benefit from continued improvement in the US housing market and global growth. Growth in new US residential construction should continue to help the insulation business, with revenue growth of about 10% in the second half of 2015.