Insulation industry news from Global Insulation

Belgium: Plastics producer Greiner has offered to fully acquire Recticel for Euro1.17bn, including debt. Austria-based Greiner currently holds a 27% stake in the company. The group has valued Recticel’s insulation business at Euro411m. However, Recticel has said that the offer undervalues the division. US-based foam and fibres producer Carpenter previously valued the insulation business at Euro656m in its on-going bid to acquire the company’s engineered foams unit.

Recticel has until 17 December 2021 to issue its decision on the Greiner offer. Before then, it will decide on the possible sale of its engineered foams unit to Carpenter at an extraordinary general meeting. It is currently carrying out due diligence checks for the latter deal.

Norway: Bewi’s shareholders have voted in favour of the company’s acquisition of the remaining 50% of Jackon Holding in order to become sole owner. Bewi will hold an extraordinary general meeting following the completion of due diligence checks to authorise the issuance of Bewi shares as consideration for the deal to Jackon Holdings’ controlling shareholder Haas.

Russia: TechnoNicol plans to carry out an upgrade at its Khabarovsk basalt mineral wool insulation plant. The planned project will fully automate production at the plant and double its capacity. The producer expects the upgrade to improve safety, sustainability and product quality.

Uzbekistan: The European Bank for Reconstruction and Development has issued a US$5m loan to Ecoclimat Group for the launch of a new subsidiary, Angren Insulation. The company will use the loan to build a 32,000t/yr glasswool plant in Tashkent. The plant will use recycled glass as an input and reduce the group’s CO₂ emissions by 85,000t/yr. The insulation producer said that it will help it to meet the growing local demand for mineral-based insulation.

Russia: Rockwool plans to install a new mineral wool production line at its Vyborg insulation plant in Leningrad oblast. The producer says that the expanded plant will have 50% lower CO₂ emissions than before the expansion due to an efficiency increasing upgrade to its melting technology.

Rockwool plans to invest Euro200m in expansions and efficiency improving upgrades in Russia ‘in the coming years,’ creating 70 new jobs.