Insulation industry news from Global Insulation

Austria: Strabag has acquired hemp insulation producer Naporo Klima Dammstoff from Synthesa. SeeNews has reported that Strabag expects the acquisition to help it to expand its product range in line with its 2040 decarbonisation target. Meanwhile, Naporo Klima Dammstoff says that it will work with Strabag to explore new applications for its products, including in green roofs and as acoustic insulation.

Synthesa managing director Georg Bluemel said “In Strabag, we have found a partner who will continue to write Naporo’s success story in the future. We look forward to additional growth prospects for the company and its employees.”

US: The National Insulation Association (NIA) has renamed its President’s Award as the Ronald King Distinguished Service Award. The award is the NIA’s highest recognition of outstanding service. The rebrand honours industry veteran Ron King, who received the award twice, in 1986 and 2001.

Speaking of King, NIA President Laura Dover said “We are deeply grateful for your invaluable service to the NIA and this industry.”

US: Owens Corning has launched an offer to exchange any and all outstanding 3.5% senior notes due 2030 issued by Masonite International Corporation for new notes to be issued by Owens Corning. Masonite is currently soliciting consents to adopt proposed amendments to the indenture governing its existing notes, aiming to eliminate certain covenants, restrictive provisions and events of default from the indenture.

The parties agreed to Owens Corning’s acquisition of Masonite in February 2024, and expect to complete the deal in mid-2024.

Germany: Sto has published its outlook for 2024, after recording ‘below target’ turnover in the first quarter of the year. The producer attributed this to adverse weather conditions in January 2024 and reduced working days in March 2024. For the full year, it now expect to record a turnover of €1.79bn and earnings before interest and taxes (EBIT) of €113 – 138m. It noted particular on-going ‘major challenges’ in its domestic German market.

US: The US National Labor Relations Board (NLRB) has begun investigating Kingspan Insulated Panels following allegations of anti-trade union behaviour. The Irish Times newspaper has reported that the International Association of Sheet Metal, Air, Rail and Transportation Workers (SMART) lodged complaints citing unfair labour practices at a plant in California.

Kingspan rebutted the claims, which it says are designed to damage its reputation after it refused to sign a neutrality agreement with unions. The producer says that the agreement in question would infringe upon its employees' privacy and voting rights.