Insulation industry news from Global Insulation

US: Owens Corning’s net sales from its insulation division rose by 23% year-on-year to US$859m in the first quarter of 2022 from US$700m in the same period in 2021. Its earnings before interest and taxation (EBIT) grew by 15% to US$129m from US$82m. It attributed this to higher selling prices and sales volumes despite inflation and higher transport costs. Overall company net sales and adjusted EBIT increased by 23% to US$2.35bn and by 48% to US$417m respectively.

The light building materials producer also said that it made the decision to end its operations in Russia in March 2022 in response to the Russian invasion of Ukraine in February 2022. It halted all future investments in the country in April 2022. In 2021 its net sales in Russia represented approximately 1% of the company’s consolidated net sales. The company said it is “working to expedite its exit, while remaining committed to the safety and security of its employees in the country.” Owens Corning’s insulation subsidiary Paroc operates in Russia. The group also runs a composite materials plant at Gous in Russia.

US: The National Insulation Association (NIA) has announced its 2022 appointments to its executive committee and board of directors. For the coming year, New York-based Atlantic Contracting & Specialities president Joe Leo will serve as NIA president. North Carolina-based Dover Insulation president Laura Dover will serve as president elect, Wisconsin-based L & C Insulation vice president Rudy Nigl will serve as secretary/treasurer and Kansas-based Performance Contracting senior vice president operations Rick Sutphin will serve as assistant treasurer, while Owens Corning US regional sales manager David Cox will continue to serve on the association’s executive committee as immediate past president. NIA members also appointed regional representatives to five of six board seats, and will appoint the sixth, Eastern US, representative at a later date.

US: Owens Corning’s 16th Sustainability Report has detailed the producer’s progress towards achieving its 2030 sustainability goals. The report covers indicators under 16 topics to demonstrate its environnmental footprint reduction. These included lowering greenhouse gas emissions, increasing recycled content and circularity, improving energy and process efficiency, increasing renewable energy use and fuel switching from on-site fossil fuel use to lower or zero-carbon alternatives. Between 2007 and 2021, Owens Corning reduced its CO₂ emissions by 60%. In 2021, it recycled 635,000t of glass in its glass wool insulation production.

CEO Brian Chambers and senior vice president and chief sustainability officer (CSO) Frank O'Brien-Bernini said "We have established roadmaps to help our teams understand what’s needed to meet our environmental footprint reduction goals. These roadmaps guide our short, mid and long-term strategies, and help ensure that sustainability remains our priority as we innovate to serve our customers, while addressing both the challenges and the opportunities within the relevant secular trends." They continued "Beyond environmental footprint reduction 'within' our plants, we are working to refine our understanding and set measurable goals for our impact on biodiversity and the circular economy, as well as continually seeking better ways to measure our progress on social impact priorities like inclusion and diversity.”

US: The National Insulation Association (NIA) has announced the winners of its 2022 Safety Excellence Award and Premier Manufacturers Award winners. In the Safety Excellence Associate category, Johns Manville’s Denver, Colorado, plant, Knauf Insulation’s Shelbyville, Indiana, plant, Owens Corning’s Toledo, Ohio, plant and Proto Corporation’s Clearwater, Florida, plant all won Platinum awards. Meanwhile, the NIA’s Premier Industry Manufacturers for the year were Armacell, Johns Manville, Knauf Insulation and Owens Corning.

US: Ethisphere has named Owens Corning on its World’s Most Ethical Companies list for the fifth consecutive year. Dow Jones Institutional Newswires has reported that, among 136 winners, Owens Corning was one of only three construction and building materials companies named. In the past year, it scored perfectly on the 2022 Corporate Equality Index, debuted at number 27 on the Barron’s 100 Most Sustainable Companies list and scored Gold in S&P Global’s 2022 Sustainability Yearbook.

Executive Vice President and General Counsel Gina Beredo said "This is an achievement earned and shared by our 20,000 employees across the world who live our purpose each day with an unwavering commitment to ethical business practices."

US: Owens Corning grew its insulation sales revenue in 2021 through increased volumes and higher prices. Its insulation business sales grew by 22% year-on-year to US$3.18bn in 2021 from US$2.61bn in 2020. Its earnings before interest and taxation (EBIT) rose by 78% to US$446m from US$250m. It added that higher selling prices more than offset inflation and increased transportation costs. The group’s overall revenue rose by 20% year-on-year to US$8.50bn and its adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) grew by 41% to US$1.90bn.

“2021 was a year of tremendous accomplishment and record results for Owens Corning. Our global teams continued to elevate their performance to support our customers and generate growth in our key products and geographies, outperforming the markets we serve,” said chair and chief executive officer Brian Chambers.

US: The National Insulation Association (NIA) has named three insulation producers as winners of its 2021 Premier Industry Manufacturer award. Armacell, Johns Manville and Owens Corning won the nationwide award. The association’s Platinum Safety Excellence awards were presented to six insulation producers: Armacell, CertainTeed Corporation, Dyplast Products, Johns Manville, Owens Corning and Canada-based Rockwool Technical Insulation. The award is the highest category of safety excellence award at the association’s National Insulation Association Awards 2021. It awarded Proto Corporation a gold Safety Excellence award.

Executive vice president and chief executive officer Michele Jones said, “Each year, we honour our member companies that prioritise safety and make continuous improvements to their programmes, and this year we do so knowing that a strong and well communicated safety programme is more important than ever.”

The association handed over the awards virtually at its Spring Summit in mid-March 2021.

US: Owens Corning’s full-year consolidated net sales were US$7.06bn, down by 1% year-on-year from US$7.16bn in 2019. Its loss before interest and taxes was US$124m, compared to earnings before interest and taxes (EBIT) of US$753m in 2019. Earnings were negatively affected by a non-cash pre-tax impairment charges of US$987m related to its insulation division, recorded in the first quarter of 2020 and driven by the economic uncertainties associated with the Covid-19 pandemic. Insulation sales fell by 2% to US$2.61bn from US$2.67bn, while insulation EBIT rose by 10% to US$250m from US$230m. Sales from its composites division also fell but rose for roofing.

Chair and chief executive officer Brian Chambers said, “Our global team demonstrated great flexibility and resolve to deliver strong financial results in an unprecedented year. These results showed the strength of our businesses and the earnings power of our company. In 2021, we will continue to focus on the health and safety of our teams, serving the needs of our customers, and positioning the company for long-term success.”

US: The Carbon Disclosure Project (CDP) has named Owens Corning on its Climate Change A List of companies that took actions to cut emissions, reduce climate impacts and help build the low-carbon economy in 2020. 270 companies won the top status from a pool of 5800 applicants. The CDP also named the company amongst 106 companies on the 2020 Water Security A List.

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.”