Insulation industry news from Global Insulation

South Korea: KCC has started operating its new second 48,000t/yr glass wool production line at its Gimcheon plant. Chair Chung Mong-jin and chief executive officer Jeong Jae-hun attended a ceremony marking the achievement in late August 2023. The company says that the new line is the largest single one of its type in the country.

US: Owens Corning has appointed Nicolas Del Monaco as the president of its insulation business with effect from 15 September 2023. He will succeed Todd Fister in the post, who is taking over the role of chief financial officer. Del Monaco will report directly to chair and chief executive officer Brian Chambers and serve as a member of the company’s executive committee.

Del Monaco joined Owens Corning in 2000 and currently serves as senior vice president and managing director of the company’s European operations, leading a team of 4400 employees spanning both the Insulation and Composites businesses. Prior to that, he served as vice president of non-wovens and glass reinforcements Europe. During his tenure with the company, he has also held a variety of finance, operations and general management roles.

Austria: Austrotherm plans to raise the prices of its expanded polystyrene (EPS) and extruded polystyrene (XPS) insulation products by up to 15% from 25 September 2023. The insulation producer said earlier in August 2023 that production reductions and unexpected plant shutdowns had increased the costs of its main raw materials.

US: Todd Fister will take over as chief financial officer (CFO) at Owens Corning from 15 September 2023. Fister brings 27 years’ experience at Fortune 500 companies spanning the global building materials, consumer products and packaging industries. This includes working as president of Owens Corning’s Insulation business since 2019, where he leads a team of 8000 people. His work in the role has included developing the producer’s enterprise strategy. Fister also sits on the Owens Corning executive committee. He holds an economics degree from Miami University, and also obtained a PhD from the University of Illinois Urbana-Champaign.

Owens Corning chair and CEO Brian Chambers said "I've worked closely with Todd over the past several years, and am excited to welcome him to the CFO role. Todd brings a broad set of financial, operational and strategic experiences and capabilities to the new role, along with invaluable customer perspective, that will be critical as we continue to accelerate our growth and expand the earnings power of our company."

Fister will replace Ken Parks, who is stepping down to pursue another professional opportunity. Thanking Parks for his contributions while CFO, Chambers said “Under Ken's leadership, we have strengthened the capability of our global finance team and consistently delivered our financial targets."

Ireland: Kingspan recorded a decline in its consolidated sales of 2% year-on-year, to Euro4.1bn. Its insulation sales volumes also declined during the half. In an earnings call, CEO Gene Murtagh said that the company’s net profit was ‘broadly in line’ with the first half of 2022, at Euro436m. Murtagh praised the producer’s progress towards achieving its CO2 emissions reduction goals, with a 51% reduction from its historical baseline.

Kingspan’s chief financial officer Geoff Doherty noted the exposure of insulation sales to global economic effects. Doherty forecast an ‘improving order intake’ for both insulation boards and insulated panels during the second half of 2022. Nonetheless, he said that he expects sales volumes of insulation boards to ‘remain quite negative’ during the half, and therefore to be ‘softer’ than those of insulated panels.