Insulation industry news from Global Insulation

Saudi Arabia: Maersk Arabia Logistics Services has signed a contract with Zamil Steel Construction Company for the construction of a building materials terminal at Jeddah Islamic Port in Jeddah. Local press has reported that the terminal will consist of multiple warehouses, a logistics yard and office facilities. It will stock glass and stone wool insulation and insulation panels, along with other products.

US: Owens Corning has published plans for a new extruded polystyrene (XPS) insulation plant in Russellville, Arkansas. The Courier newspaper has reported that the plant will produce the company's Foamular NGX brand insulation. It will employ an estimated 50 people.

Owens Corning previously invested US$24.5m in an expansion to its Fort Smith glass and mineral wool insulation plant in the state, also creating 50 new jobs.

Croatia: Knauf Insulation plans to invest Euro120m to build a second production line at its Novi Marof stone wool insulation plant. HINA News has reported that Knauf Insulation managing partner Alexander Knauf met government officials to discuss the company's plan. The producer says that the new line will create 70 direct jobs.

India: Saint-Gobain has entered into an agreement to acquire Indian market leader glass wool insulation producer Twiga Fiberglass, local press has reported. Twiga Fiberglass has produced insulation as a licensee of Saint-Gobain's glass wool insulation technology since 2005.

Saint-Gobain previously acquired stone wool insulation producer Rockwool India in February 2022.

Ireland: Kingspan's consolidated sales rose by 28% year-on-year to Euro8.3bn in 2022 from Euro6.5bn in 2021. The group's profit after tax also rose, by 8% to Euro616m from Euro571m. Its turnover from insulation sales rose by 40% to Euro1.66bn, while its turnover from insulated panels sales rose by 23% to Euro5.18bn. Panel volumes were reportedly 'more challenged' during the second half of the year.

CEO Gene Murtagh said “The 2022 outturn was very satisfactory in the context of accumulating uncertainty over the course of a bumpy year, which saw a strong first half performance giving way to a more subdued environment in the second half." He added "Given the powerful combination of our global scale, the diversity of our end markets, our ability to grow organically and through acquisition, alongside our strong innovation pipeline and an ongoing societal drive for energy efficiency, we believe Kingspan is very well placed for continuing progress for the benefit of all stakeholders."