Insulation industry news from Global Insulation

US: Owens Corning has recorded a first quarter loss of US$916m in 2020, compared to a US$44.0m profit in the corresponding period of 2019. Net sales were US$1.60bn, down by 4.0% from US$1.67bn. Insulation sales grew by 2.0% to US$603m (38% of net sales) from US$591m. The insulation section’s negative balance of earnings before interest, taxation, depreciation and amortisation (EBITDA) decreased by 71% to US$10.0m US$34.0m.

Owens Corning chairman and CEO Brian Chambers said, “I’m very proud of our team’s strong execution and ability to deliver our first-quarter results in the face of the Covid-19 pandemic. Our long-standing commitment to safety remains at the forefront of everything we do while serving the needs of our customers, our communities, and other key stakeholders.”

US: In 2019 Owens Corning sourced 1.58GWh of energy renewably (49% of total consumption), down by 14% year-on-year from 1.84GWh (52% of consumption) in 2018. Direct CO₂ emissions were 2.78Mt, down by 2.0% from 2.83Mt in 2018 due a reduction in carbon intensity of insulation production, such as the use of electric rather than coke-fired furnaces.

UK: Global not-for-profit organisation CDP has included Owens Corning on its Climate Change A-List 2019 for environmental transparency and performance aimed at facilitating a zero-net carbon economy. Only a handful of industrial producers achieved inclusion on the list, including France-based Saint-Gobain and Germany-based HeidelbergCement and steel producer Thyssenkrupp.

US: The board of directors of Owens Corning has elected Brian Chambers as its new chairman. He succeeds Mike Thaman, who has decided to retire in April 2020. Chambers became chief executive officer (CEO) and was elected to the board in April 2019. He has been with the company for over 15 years, and throughout his career, has held a number of senior operating roles across a range of businesses and locations.

US: Owens Corning’s net earnings in the third quarter of 2019 took a dive to US$333m from US$376m, down by 11% year-on-year. Its insulation section reported earnings before interest and taxes of US$84m, down year-on-year by 11%. The section’s sales in the quarter amounted to US$693m, down by 2% year-on-year from US$710.

US: Owens Corning has appointed Prith Gandhi its chief financial officer (CFO). He will take over from Michael McMurray on 23 October 2019, and serve until an external search produces a permanent successor. Gandhi, current vice president of corporate strategy, has 25 years’ financial services experience. The company announces its third quarter results for 2019 on 23 October 2019.

US: Owens Corning has announced its 2030 sustainability goals. These represent the company’s third set of long-term goals and are designed to expand the company’s business impact through sustainability, continuing its commitment to incorporate material environmental, social and economic initiatives into its global practices and operations.

“These goals advance our business priorities by pushing us to discover increasingly more sustainable solutions, which is becoming more important to our customers and other key stakeholders,” said chief executive officer (CEO) Brian Chambers.

Owens Corning’s 2030 sustainability goals include reducing greenhouse gas emissions by 50%, sourcing 100% renewable electricity to reduce product embodied carbon, maximising product sustainability and building and supporting inclusive and diverse teams that reflect the communities where they live, work and serve. The greenhouse gas emission goal is in line with guidance to hold global warming to 1.5°C degrees and it was approved by the Science Based Target Initiative.

US: Owens Corning has appointed the former Cabot Corporation executive vice president, chief financial officer and president of the Americas region Eddie Cordeiro to its board of directors. He will be tasked with bringing his 25 years’ financial and operational experience to the operations of the global insulation, roofing and fibreglass composite materials leader.

US: Owens Corning’s insulation business earnings before interest and taxation (EBIT) fell by 30% year-on-year to US$57m in the first half of 2019 from US$81m in the same period in 2018. Its net sales dropped by 2% to US$1.25bn from US$1.28bn. Overall sales and EBIT, across all business lines, grew slightly driving by the roofing business.

US: Owens Corning has appointed Todd Fister as the president of its insulation division from 15 July 2019. He succeeds Julian Francis, who will become president and chief executive officer (CEO) of Beacon Roofing Supply. Fister will report directly to Brian Chambers, the president and CEO of Owens Corning.

Fister currently serves as Vice President, Global Insulation and Strategy. Prior to this role, he served as Vice President and Managing Director for European Insulation and Global Foamglas. Before joining Owens Corning in 2014, he worked in various marketing, strategy and finance positions at MeadWestvaco and Kimberly-Clark. Fister began his career at Procter & Gamble, where he served in multiple finance roles. He earned a bachelor’s degree from Miami University and a Ph.D. from the University of Illinois at Urbana-Champaign.