Insulation industry news from Global Insulation

US: Huntsman recorded an income of US$649m in the first half of 2020, up by 161% year-on-year from US$249m in the first half of 2019. Sales fell by 18% to US$2.84bn from US$3.45bn. Polyurethane volumes and prices fell globally during the period due to the effects of the coronavirus outbreak, according to the company, however second-quarter growth in China partly offset this.

Chair, chief executive officer (CEO) and president Peter Huntsman said, “We were fortunate to have been more prepared than ever as we entered the second quarter in an unprecedented global economic crisis, with little to no visibility. With our transformed balance sheet, there was no need to access capital markets and we completed the quarter with US$2.6bn of overall liquidity and generated positive free cash flow. We remain focused on what we can control and have accelerated and improved integration plans for our recent acquisitions, CVC Thermoset Specialties and Icynene-Lapolla.” He continued, “While the on-going related global effects of Covid-19 remain uncertain and visibility continues to be poor, we see improving trends within most of our major markets and are optimistic that the worst of this economic slowdown is behind us."

Netherlands: Recticel reported earnings before interest, taxation, depreciation and amortisation (EBITDA) of Euro17.4m in the first half of 2020, down by 43% year-on-year from Euro30.4m in the first half of 2019. Net sales fell by 18% to Euro374m from Euro454m. Insulation sales during the period were Euro113m, down by 13% from Euro130m.

Chief executive officer (CEO) Olivier Chapelle said that, “volumes were heavily affected by the Covid-19 lockdown measures from mid-March until May 2020. Accelerating activity levels in the building markets led to June volumes exceeding the level of 2019. Selling prices remained under pressure as a consequence of lower raw material costs.”

UK: Knauf Insulation has launched a new product in its Earthwool Soffit Linerboard range, intended for use in car parks, stadiums and commercial units. Rock mineral wool product manager Luke Davies said, “Specifications for non-combustible soffit insulation are likely to increase as building regulations evolve further and soffit applications become a focus for fire safety. We’ve improved Earthwool Soffit Linerboard to give customers the best possible solution to respond to this demand.”

The product uses tube washers instead of all-steel for ease of installation and each board has greater rigidity than previous products to reduce susceptibility to thermal bridging. Knauf Insulation says that its ECOSE Technology bio-based binder makes Earthwool Soffit Linerboard soft, durable, easy to handle and low in dust and volatile organic compounds (VOCs).

US: Owens Corning has appointed Kenneth Parks as Senior Vice President and chief financial officer (CFO) with effect from 8 September 2020.

Parks will join Owens Corning from Mylan, a global generic and specialty pharmaceuticals company, where he served for four years as CFO. Before joining Mylan in June 2016, he was CFO and led all aspects of the finance function at WESCO International, a provider of electrical, industrial and communications products. Prior to WESCO, Parks spent the majority of his career at United Technologies Corporation in a variety of US and international finance roles. During that time, he led Investor Relations, was CFO of its Fire and Security division, and held multiple financial leadership roles at its Carrier Corporation division, including working four years in Europe.

US: Installed Building Products (IBP) recorded a net income of US$41.3m in the first half of 2020, up by 49% year-on-year from US$27.8m in the first half of 2019. Sales were US$791m, up by 11% from US$714m. Chair and chief executive officer (CEO) Jeff Edwards said, “These record results demonstrate the success of our on-going geographic, end-market, and end-product diversification strategies, the benefits of our pricing strategies, and the hard work and dedication of our employees.”

The installer of insulation and complementary building products has also recently acquired Charleston Insulation and Foam and Savannah Insulation and Foam from Energy One America. Both companies provide foam, glass fibre and air barrier insulation installation services. Edwards said, “With total annual revenue of approximately US$22m, these branches expand our presence in two attractive markets. In addition, each branch provides multiple installation services, and end market diversification that fits extremely well within our overall growth strategy.”