Insulation industry news from Global Insulation

US: Germany-based Knauf Insulation celebrated the 45th anniversary of its US operations earlier in November 2023. The producer first entered the market following its acquisition of the Shelbyville glass wool insulation plant in Indiana in 1978. It has since grown its business from 450 employees at the Shelbyville plant to 1600 employees across six different sites.

Knauf North America CEO Matt Parrish said “Our commitment to innovation and sustainability has been a driving force behind our continued success and we are excited for what the future holds. As we look ahead, we will continue to prioritise our employees, customers, and the communities we serve, with a focus on creating innovative solutions that shape the way we live and build."

Germany: EU competition authorities have approved Ireland-based Kingspan’s acquisition of a 51% majority stake in wood fibre insulation producer Steico. Kingspan concluded the deal with wood products company Schramek in July 2023, and expects to complete its acquisition of the stake in early January 2024.

Germany: Measurement systems supplier Fagus-GreCon has announced the appointment of Mario Haas to its management team. Haas has served as head of the company’s fire protection unit since December 2019 and its head of information technology since December 2020. Haas joined Fagus-GreCon from glass producer SCHOTT in 2019. He has worked in industry since 2005, after gaining his engineering degree from Dortmund University and Masters in Business Administration (MBA) from the Stuttgart Institute of Management and Technology. Mario Haas takes the place of former technical managing director Michael Gawronski on the management team, who has left the company with immediate effect. Uwe Kahmann will remain responsible for commercial management, while Alexander Kuppe continues to head the company’s marketing, sales, after sales and service departments.

Chair Stephan Weber said "The shareholders would like to thank Dr Gawronski for his important achievements and contributions and wish him all the best for the future. At the same time, with the appointment of Mr Haas as the third managing director, we are emphasising the growing importance of the fire prevention business unit in our company."

Romania: Switzerland-based Swisspor Group has concluded a deal to acquire extruded polystyrene (XPS) insulation producer BriothermXPS. BriothermXPS sells its insulation across Central and Southeast Europe. Swisspor Group thanked its deal coordinator Concilium Consulting for helping it to conclude the agreement ‘despite a challenging market environment and complex transaction structure.’

Ireland: Kingspan expects its trading profit to amount to Euro875m throughout 2023, up by 5% year-on-year from Euro833m. The group noted a stable global backlog of orders. Nonetheless, its visibility remains low, amid challenges in ‘a number of end markets.’