Insulation industry news from Global Insulation
Paroc draws buyout bids
19 August 2014Finland: A number of private equity firms, including TPG, Nordic Capital, CVC and Cinven, have made first round bids for Paroc, a Finnish manufacturer of insulation materials, according to Reuters. The bids value the company at between Euro700m and Euro750m. Paroc was acquired by Bahraini investment house Arcapita in 2006. The company underwent a debt restructuring three years later and is now owned by a consortium of banks and institutional investors.
Paroc relocation to create 40 jobs in Sweden
03 October 2013Finland/Sweden: Stone wool producer Paroc Group intends to relocate its manufacturing of technical insulation and acoustic products from Lappeenranta, Finland to its plants in Hällekis and Skövde, Sweden creating 40 new jobs in Sweden. The company is investing approximagtely Euro8.06m in Hällekis and Skövde, according to the Finish business news service Esmerk.
New senior VP for Paroc Group
09 January 2013Finland: The Finnish insulation firm Paroc has announced that Joakim Westerlund, aged 34, was appointed to the position of Senior Vice President for base production and as a member of the group's management team at the start of 2013. Westerlund has worked for Paroc since February 2008, working for its base division since the spring of 2012. He graduated as a doctor of Science in Technology from Åbo Akademi University in 2005.
"Westerlund is a genuine and skilful leader whom colleagues and subordinates respect, especially for his ability to motivate and inspire members of his team. Joakim is also known as an analytical and logical thinker whose strong strategic ability comes from thoroughly familiarising himself with issues. He brings an excellent addition to the Paroc Management Team," said Paroc Group CEO, Kari Lehtinen.
First sustainability report published by Paroc Group
21 December 2012Finland: Paroc Group, a major supplier of insulation to the baltic market, has published its first sustainability report, which covers 2009 to 2011. The indicators presented in the report are tools for measuring and following Paroc's sustainable progress in all its production facilities in Finland, Sweden, Poland and Lithuania.
"Sustainability is a factor which strongly influences the development and renewal of our business because our products play a significant role in improving the energy efficiency of buildings," said Paroc Group's CEO, Kari Lehtinen. "We operate in an energy-intensive industry so the ecological efficiency and waste recyclability provide additional savings while minimising the burden on the environment and thus contributing to our common wellbeing."
Paroc considers its most important goals for the coming years to involve increasing the energy efficiency of its production facilities and reaching the occupational safety target of zero accidents by 2020.
At all of Paroc's production plants, processes operate according to the current regulations and standards. Beatrice Rantanen, Paroc Group's Sustainability Manager, emphasised that its production facilities in Finland and Sweden depend almost solely on green energy and that 75% of Paroc's waste is recycled.
"High-quality heat insulation is the most effective and inexpensive way to affect the energy efficiency of new buildings. The benefits will be emphasised even more when Europe shifts to zero-energy building by the year 2020," added Lehtinen.
Global Insulation recognised Paroc's attention to environmental effects in 2012, awarding the company the Global Insulation Company of the Year award at the Global Insulation Conference & Exhibition in Riga, Latvia in September 2012.
Paroc moves financial operations to Lithuania
26 January 2012Finland/Lithuania: Paroc, which makes insulation materials, has given notice to 17 people in its financial administration departments at four locations in Finland. The company said that it will now concentrate its financial administration in Lithuania, where it will establish a service centre.
Paroc said that the move was not about looking for a country with cheaper labour, but about the need to concentrate employees in one location. Paroc operates in 13 countries and has manufacturing in Finland, Sweden, Lithuania and Poland.
ThermiSol acquires Suomen XPS
05 August 2011Finland: The Finnish expanded polystyrene (XPS) producer, ThermiSol, has acquired Finland's Suomen XPS in a deal funded by the state-owned company Finnish Industry Investment Ltd and the mutual insurance associations Fennia and its unit Fennia Retirement. Suomen XPS produces Novafoam XPS insulation materials and the acquisition is consistent with ThermiSol's strategy of expanding its product range.
The deal was agreed by the two companies on 1 August 2011 and ThermiSol will transfer machinery and production equipment from its factory in Pietarsaari to the Suomen XPS factory in Vimpeli between the autumn of 2011 and early 2012. According to the company this move will take advantage of the Vimpeli site's geographic location.
ThermiSol's Executive Director Urpo J Salimen said that the two companies had 'obvious synergies' and had come to a deal 'as quickly as possible.' ThermiSol, also an established producer of extruded polystyrene (EPS), had a turnover of Euro60m in 2010 and has interests in Norway, Sweden, Finland and Denmark. Turnover is expected to increase by nearly 17% in 2011 to Euro70m.