Belgium: Etex has raised Euro800m through a sustainability-linked medium - long-term unsecured loan. The producer says that the private placement, called a Schuldschein in German finance law, comprises three Euro-denominated tranches with maturities of three, five and seven years, at fixed and floating rates.

CEO Bernard Delvaux said “We are very pleased with this new Schuldschein issuance which we successfully completed in a challenging context. It testifies to a significant appreciation of Etex’s credit quality, of its performance of the last years and it demonstrates the investors’ confidence in the company’s strategy. Moreover, this operation broadens our investors’ base at attractive market conditions, increases the number of maturities and considerably extends the duration of our debt profile.”

Belgium: The government has reduced value-added tax (VAT) on insulation to 6% from 21%. The measure aims to reduce national natural gas consumption in order to be prepared for any future shortage. Belgium is 6% reliant on Russia for its gas supply. Utilities companies supplying the Benelux region have declined to settle their bills with Russia-based producer Gazprom in Russian Rubles, so face a shut-off. Energy Minister Tinne Van der Straeten said that the Port of Zeebrugge was ready to begin imports of liquefied natural gas (LNG) from the US and elsewhere.

Van der Straete called on Belgians to ‘Insulate your homes, isolate Putin.’

Spain: Etex has completed its acquisition of extruded polystyrene (XPS) and glass wool insulation producer URSA from Xella Group. URSA operates 13 plants and employs 1700 people.

Xella CEO Christophe Clemente said “With this portfolio simplification, Xella takes an important step, to focus its resources on the development of building materials solutions. With our complementary product types, autoclaved aerated concrete and calcium silicate products, we aim to strengthen our position as a leading European supplier of masonry solutions. I warmly thank the URSA teams for their achievements during the successful past years within Xella Group and wish them a bright future with Etex.”

US: Knauf Insulation has won a contract to recycle waste glass bottles from the NTT IndyCar Series Big Machine Music City Grand Prix in Nashville, Tennessee, on 5 – 7 August 2022.

Knauf Insulation’s vice president of sustainability and health, safety and environment Chris Mahin said "These types of unique recycling opportunities are valuable for Knauf as we continue to seek alternative sources for glass – the main ingredient in our high quality glass wool insulation.”