Insulation industry news from Global Insulation

Finland: Owens Corning subsidiary Paroc has committed to reduce CO₂ emission by 50%, reduce plastics use by 30% and achieve zero waste by 2030. The company that it will also “expand the use of the Rewool customer waste recycling solution and develop and offer new low carbon products,” as exemplified by its launch of the new carbon-neutral product Paroc Natura line in early 2021.

Owens Corning Insulation Europe regional sustainability leader Beatrice Hallén said, “Paroc is in the business of energy efficiency. For each tonne of CO₂ generated in the manufacturing of stone wool, about 200t of CO₂ is saved by stone wool’s thermal insulation properties over a 50-year period. That does not mean we are content. We want to turn every stone to find new ways to make our general footprint as small as possible. We want to be forerunners in developing sustainable buildings together with our customers. We also want to design our products and solutions for recycling and reuse. For us, sustainability is about meeting the needs of the present while leaving the world a better place for the future.”

US: Owens Corning’s net sales in the first nine months of 2020 were US$5.13bn, down by 6.6% year-on-year from US$5.47bn in the first nine months of 2019. Loss before interest and tax (LBIT) was US$399m, compared to earnings before interest and tax (EBIT) of US$625m. Insulation sales fell by 3% to US$1.88bn from US$1.95bn. However, the company’s sales and earnings picked up in the third quarter of 2020, supported by its roofing division.

US: Owens Corning has announced a new line of extruded polystyrene (XPS) foam insulation products called Foamular NGX. It is set to go on sale in the US and Canada in January 2021. It says that the proprietary blowing agent in the products deliver a 90% reduction in global warming potential (GWP) without sacrificing product performance. It is Underwriters Laboratory (UL) listed, Factory Mutual (FM) approved and compliant with regulations set to take effect in Canada and some US states in January 2021. The environmental benefits of the products will be reflected in a new Environmental Product Declaration (EPD). The new product line will retain the signature Owens Corning pink colour.

US: Net sales from Owens Corning’s insulation division fell by 4% year-on-year to US$1.2bn in the first half of 2020 from US$1.25bn in the same period in 2019. Earnings before interest and taxation (EBIT) rose by 6% to US$71m from US$57m. Overall, across all business lines, sales fell at the company. The company said that the key economic factors that continue to impact its performance were, “global industrial production, US housing starts, and global commercial and industrial construction activity.”

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.