Insulation industry news from Global Insulation

Sweden: Owens Corning subsidiary Paroc has applied to expand its Hällekis insulation plant to 115,000t/yr of stone wool production capacity as part of an on-going upgrade. Nordic Daily News has reported that the company is also electrifying the plant and implementing recycled raw materials use. When commissioned, the upgraded plant will process 100,000t/yr of recycled minerals.

Sweden: Paroc has broken ground on the conversion of its Hällekis mineral wool insulation plant from coke-fired production to the use of electric furnaces. The producer says that the upgrade will eliminate 80% of the plant’s CO₂ emissions. It is additionally installing new raw materials handling and filtration equipment at the plant. Work is scheduled for completion in 2027.

Nico del Monaco, Insulation President of US-based parent company Owens Corning, said "We have seen that the landscape for our industry in the Nordics is undergoing significant changes, with new CO₂ restrictions and expectations from customers. By proactively addressing these changes through projects like this, we can turn them into opportunities. This significant investment is an important step for not only our plant in Hällekis, but it also reinforces Owens Corning's mission to build a sustainable future through material innovation."

US: Owens Corning’s sales were US$5.09bn in the first half of 2024, up by 4% year-on-year from US$4.89bn in the first half 2023. The company's adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) for the period was US$1.31bn, up by 14% from US$1.15bn one year previously.

Chair and CEO Brian Chambers said "Owens Corning delivered another outstanding quarter, generating strong margins and cash flow while completing the acquisition of Masonite and continuing our review of glass reinforcements. Through our talented people and highly valued customer partnerships, we continue to outperform the market as we transform and grow into an even stronger residential and commercial building products company for the future."

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.

US: Owens Corning has published its 2023 Sustainability Report, highlighting its advances in sustainability in the past year. These included a 59% share of revenues from reduced-CO₂ products, with a 25% share of revenues from 14 products certified as produced with 100% renewable electricity. Scope 1 and 2 emissions fell by 28% from 2018 levels, in line with the group’s 50% 2030 reduction target. It launched a pilot bitumen felt shingle recycling programme, aimed at recycling 2Mt/yr of shingles in the US by 2030. Further, Owens Corning reduced its generation of landfill waste by 14% from 2018 levels, and launched a Circular Economy Recycling Technology Innovation Laboratory in Granville, Ohio. In 2023, the group’s incident rate was 81% below the industry average, and it remains on track to meet its 2030 inclusion and diversity goals.

Senior vice president and chief sustainability officer David Rabuano said “Our 2030 sustainability goals are growing ever closer, and we believe that the targets we have set for ourselves are well within our reach. This confidence is the result of our employees’ unparalleled engagement and enthusiasm for our mission coupled with our investments in the innovation required to execute new solutions.”

Chair and CEO Brian Chambers said “Owens Corning demonstrated outstanding financial and sustainability results in 2023, showcasing the power of our company’s mission to build a sustainable future through material innovation. This report reflects the global scope of our people and our products and the many ways they work to make the world a better place.”

Owens Corning recorded net sales of US$9.68bn in 2023, down by 1% from US$9.76bn in 2022, while its adjusted earnings before interest and taxation, depreciation and amortisation (EBITDA) grew by 2% to US$2.31bn.

US: Owens Corning has agreed to acquire all outstanding shares of door systems producer Masonite International Corporation for US$3.9bn. This acquisition marks a diversification into the residential building sector for Owens Corning, providing it with a new growth platform on which to leverage its capabilities.

Owens Corning chair and CEO Brian Chambers said "We are excited by this opportunity to add a scalable new growth platform for our company. Masonite is a market leader that complements our existing residential interior and exterior product offering and has consistently demonstrated top-line growth and margin expansion. The combination of our commercial, operational and innovation capabilities allows us to accelerate our long-term enterprise growth strategy with a clear line of sight to meaningful synergies and increased cash flow generation. We look forward to welcoming the talented Masonite team to Owens Corning and working with them to deliver enhanced value to customers and shareholders.”

US: Owens Corning celebrated its inclusion on the Sustainability World Index for its 14th consecutive year on 14 December 2023. Companies’ S&P Global Corporate Sustainability Assessment (CSA) contributed towards their assessment for the index. Owens Corning has a score of 85.

Chair and chief executive officer Brian Chambers said "Our industry-leading score is a testament to Owens Corning's unwavering commitment to sustainability and our progress toward achieving our 2030 sustainability goals. We remain dedicated to providing sustainable solutions to our customers and making a positive impact on the world."

US: Owens Corning commenced construction of its planned US$60m Russellville extruded polystyrene (XPS) insulation plant in Arkansas. When commissioned in 2025, the plant will employ 50 people and produce Owens Corning’s Foamular NGX XPS insulation. Local press has reported that the move represents the company’s third expansion in Arkansas since the start of 2022. It has been present in the state since 1985.

Owens Corning vice president and general manager, foam insulation, Rodney Wideman said "This new plant and today's groundbreaking ceremony represents commitment to our customers' growth and the Russellville community.”

US: Owens Corning’s net sales fell by 1% year-on-year to US$7.37bn in the first nine months of 2023 from US$7.48bn in the same period in 2023. Its adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) decreased slightly to US$1.80bn. Its net sales from its insulation division fell year-on-year in the third quarter of 2023 due to lower volumes in both the North American residential insulation and technical and global insulation businesses. However, the company said that price rises partially offset this.

US: Owens Corning was named among the Top 10 companies on the Best Corporate Citizen list 2023. The list ranks all companies on the Russell 1000 Index by transparency and performance across 184 environmental, social and governance factors. The result represents Owens Corning’s sixth consecutive year as a Top 10 company.

Senior vice president and chief sustainability officer David Rabuano said “This achievement is particularly meaningful as it reinforces the importance of our work and how we do it. This directly speaks to the commitment of our 19,000 employees in support of our mission to build a sustainable future through material innovation.”