Insulation industry news from Global Insulation

Czech Republic: Austria-based Austrotherm has successfully completed a 100% takeover of expanded polystyrene (EPS) producer DCD IDEAL.

Austrotherm’s CEO Klaus Haberfellner said “With the purchase of DCD, we are closing the last white spot in our core markets of Central and Eastern Europe and are thus strengthening Austrotherm's market position. DCD and Austrotherm are successful family businesses that harmonise well in terms of their corporate cultures. The takeover of DCD supports the strategy of continuing to invest in our core products EPS and extruded polystyrene (XPS).” He added “We are pleased about the opportunity to expand our climate-friendly product range for our customers, to be able to supply our XPS customers in the Czech Republic with EPS and thus to offer them an even better service."

UK: SIG recorded revenue growth of 17% year-on-year in 2021. In the third quarter of 2019, growth was 9%. It achieved the acceleration despite material and truck driver shortages.

The company said that its UK distribution division was a key driver in its effective response to strategic and operational changes introduced since July 2020 designed to return the business to its previous market position and performance. Additionally, its France, UK exteriors and Poland businesses performed ‘very strongly.’ In all regions, the group passed on cost inflation to improve profitability quarter-on-quarter during the quarter. It forecast full-year underlying operating profit in 2021 ahead of market forecasts.

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.