Insulation industry news from Global Insulation

Belgium: Recticel’s insulation business has used price rises to compensate for a steep rise in the price of raw chemical input materials. The division’s sales grew by 57% year-on-year to Euro391m in 2021 from Euro249m in 2020. Its adjusted earnings before taxation, interest, depreciation and amortisation (EBTIDA) more than doubled to Euro62.4m from Euro27.5m. It said that its Insulation and Engineered Foams businesses performed well in a volatile environment. Chemical raw materials supply reportedly remain tight and prices are showing little signs of stabilisation. Transportation and labour costs are increasing at an “unprecedented” rate. However it added that energy cost inflation has a minor impact given the “very low energy intensity of our business.” Overall the group’s sales and adjusted EBITDA rose by 67.4% to Euro1.03bn and by 134% to Euro89.7m.

“We are happy with the very positive sales and profitability development in 2021, a year marked by deep changes in our company. Changes which were planned and announced, such as the acquisition and integration of FoamPartner and the divestment of the Bedding activities. Changes which came as a consequence of the unsolicited takeover bid by Greiner, such as the divestment of our newly created Engineered Foams business segment,” said chief executive officer Olivier Chapelle.

US: CertainTeed and parent company Saint-Gobain North America have joined the US Department of Energy’s Better Climate Challenge initiative. The platform is intended to encourage companies and organisations to reduce their portfolio-wide greenhouse gas emissions by 25% or more over the next decade. Saint-Gobain’s new global Grow and Impact strategy includes a goal of reducing the company’s global carbon emissions by 33% by 2030.

US: Installed Building Products’ income grew by 19% year-on-year to US$1.97bn in 2021 from US$1.65bn in 2020. Its adjusted earnings before taxation, interest, depreciation and amortisation (EBTIDA) rose by 16% to US$269m from US$231m. Residential market sales growth grew faster than commercial market sales growth.

Denmark: Tentoma has launched its new XL Power insulation panel packing machine. The supplier says that machine can pack up to 19m-long panels. At shorter lengths, it can stretch film for more panels per packaging cycle, increasing the packaging speed for the products by up to 25%. Tentoma built and sold its first XL Power packiaging machine to replace an orbital wrapper.

France/Denmark: Ireland-based Kingspan has signed deals for two diversifying acquisitions. On 18 February 2022, it agreed to buy France-based roofing and building waterproofing company Ondura from France-based Naxicap Partners for Euro550m. Meanwhile, in Denmark, the group has also agreed to acquire wood-based acoustic board producer Troldtekt. Troldtekt produces its boards from ordinary Portland cement (OPC) and shredded Norway spruce wood.

Speaking of the latter deal, Kingspan Insulation managing director Alan Lawlor said "I am delighted to welcome Troldtekt to the Kingspan family. As the global leader in high-performance insulation and building envelope solutions, we have the capacity to help them expand beyond their core markets, whilst bringing acoustic and decorative boards and natural insulation materials into our portfolio. Troldtekt has been able to continuously innovate and it sets the bar impressively high in the field of the circular economy.” He concluded "We will invest significantly in the company's production facilities to set them up for geographic growth."