Insulation industry news from Global Insulation

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."

Slovenia: Knauf Insulation Slovenija has commissioned its new 1MW solar power plant. The installation is situated atop the roof of the company’s Škofja Loka glass wool insulation plant in Upper Carniola.

Digital and brand manager and green solutions advocacy lead Jure Šumi said that the latest milestone demonstrates the company’s commitment to reduing carbon emissions, creating better built environments, driving the circular economy and developing its people, all for a better world.

US: CertainTeed plans to invest US$32m in a capacity-expanding upgrade to its Chowchilla, California, glass wool insulation plant. The producer will install a new furnace, kiln and oxygen generation unit at the facility. It says that the upgrade will increase the plant’s capacity by 13% and reduce its carbon footprint by 4000t/yr.

US: Owens Corning grew its insulation sales revenue in 2021 through increased volumes and higher prices. Its insulation business sales grew by 22% year-on-year to US$3.18bn in 2021 from US$2.61bn in 2020. Its earnings before interest and taxation (EBIT) rose by 78% to US$446m from US$250m. It added that higher selling prices more than offset inflation and increased transportation costs. The group’s overall revenue rose by 20% year-on-year to US$8.50bn and its adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) grew by 41% to US$1.90bn.

“2021 was a year of tremendous accomplishment and record results for Owens Corning. Our global teams continued to elevate their performance to support our customers and generate growth in our key products and geographies, outperforming the markets we serve,” said chair and chief executive officer Brian Chambers.

Ireland: Kingspan says that it saw ‘dramatic’ price inflation from its key raw materials in 2021. To compensate it passed on around Euro700m in cost increases to the market. The group’s revenue grew by 42% year-on-year to Euro6.50bn in 2021 from Euro4.58bn in 2020. Its earnings before interest, taxation, depreciation and amortisation (EBITDA) rose by 42% to Euro893m from Euro630m. Turnover from the group’s insulated panels business represented 65% of total revenue at Euro4.23bn and its insulation boards business represented 18% at Euro1.18bn. The insulation producer noted particular positive markets in the Americas, France and the UK.

“The business delivered an exceptional performance last year, with our growing sales to customers in the technology, online distribution, and automotive sectors instrumental in the results. Whilst dramatic input price inflation was a major feature, our cost recovery efforts helped ensure continued margin improvement,” said Gene M Murtagh, the chief executive officer of Kingspan.