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News Displaying items by tag: Russia

Insulation industry news from Global Insulation

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Rockwool calls continued Russia business 'least bad option'

04 April 2023

Russia: Denmark-based Rockwool addressed the reasoning behind its decision to keep its Russian business operating, in light of the on-going Russian invasion of Ukraine since February 2022. Rockwool's Russian subsidiary continues to operate four stone wool insulation plants, without receiving any investments or supplies from the parent company. Esmerk M-Brain News has reported that Rockwool described itself as a 'passive shareholder' in the business.

Speaking at Rockwool's annual general meeting, chair Thomas Kähler said that the group's continuing ownership of its activities in Russia is the group’s 'least bad option.' Addressing the purported possibility of nationalisation of any assets abandoned by Rockwool, Kähler reportedly added "It will not benefit Ukraine to send value in the amount of between US$722m and US$877m into the hands of Russia."

In February 2023, The Danish Business Authority announced an investigation into Rockwool's alleged supply of its products to the Russian military, in breach of existing sanctions, between 2015 and 2020. The agency confirmed its launch of its investigation in a statement to Reuters. In a statement of its own, Rockwool said "We fully respect all sanctions applicable at any given time," adding that it is 'impossible for us to know or have any control over' the final destinations of its products.

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Kazakh government claims that Knauf Group will relocate Russian business to Kazakhstan

03 April 2023

Kazakhstan/Russia: The government of Kazakhstan says that it now expects Germany-based Knauf Group to relocate its Russian business to Kazakhstan. It says that this is due to the on-going Russian invasion of Ukraine, which initially led Knauf to freeze investments in the sanctioned state and suspend its trade between it and the EU from March 2022.

Deutsche Welle News has reported that Knauf Group ‘did not confirm’ the Kazakh government’s contention. In defending its decision to so far remain in Russia, Knauf Group’s chair Alexander Knauf said “It’s not about money for us, it’s about 4000 employees. Loyalty to these people means to me that I won’t send them off into an uncertain future.” Russia reportedly contributed 10% of the group's turnover in 2022.

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TechnoNicol to commission upgraded Khabarovsk stone wool insulation plant in 2023

30 January 2023

Russia: TechnoNicol expects to commission its upgraded Khabarovsk stone wool insulation plant later in 2023. Local press has reported that the on-going upgrade involves replacement of the plant's rock melting furnaces and fibreisation chambers. When commissioned, the upgraded plant will produce insulation using a biopolymer bonding agent. The producer expects to export its products to the Japan and South Korea markets.

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Owens Corning sells Belarusian and Russian assets to Umatex

08 December 2022

Belarus/Russia: US-based Owens Corning has agreed to sell its Belarusian and Russian assets to materials and technologies company Umatex. Umatex is a subsidiary of Russian state-owned nuclear power provider Rosatom. World Service Wire News has reported that the assets in question include the Gus-Khrustalny glasswool plant in Vladimir Oblast and the Tver mineral wool insulation plant in Tver Oblast, both in Russia.

Owens Corning chair and CEO Brian Chambers said "This announcement represents the final step in our process to fully exit our operations in Russia. I would like to thank our colleagues in Russia for their contributions to our company and customers over the years."

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Rockwool's continuing Russian activities draw protest

17 November 2022

Denmark/Russia: The Association of Ukrainians in Denmark has launched a protest outside Rockwool's headquarters in Hedehusene to demonstrate against the company's continuation of activities in Russia via its local subsidiary. Local press has reported that Rockwool allegedly told the Association of Ukrainians in Denmark that divesting the Russian business would allow its profits and future cash flows to remain in Russia.

In October 2022, Rockwool clarified that it remains out of contact with its Russian business and views their relationship as a mere ownership of shares.

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Owens Corning increases sales and earnings in first nine months of 2022

31 October 2022

US: Owens Corning recorded sales of US$7.48bn during the first nine months of 2022, up by 17% year-on-year from US$6.37bn in the first nine months of 2021. Its adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) rose by 24% to US$1.8bn from US$1.45bn. The group's insulation sales rose by 19% to US$2.76bn from US$2.32bn. The segment's higher selling prices reportedly offset accelerating energy, material and transport inflation.

During the year, the company transferred or sold all Russian assets, which had previously contributed US$100m in sales in 2021. Elsewhere, Owens Corning launched three new products during the third quarter of 2022 alone.

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Rockwool out of contact with Russian subsidiary

07 October 2022

Russia: Denmark-based Rockwool says that it is entirely out of contact with its Russian business, under on-going EU trade sanctions against the country. As such, the group now views its relationship to its Russian plants merely as an ownership of shares.

EnergiWatch has reported that Saint-Gobain has described a similar situation in relation to its operations in the sanctioned nation. The France-based producer said "The Russian part of our business has lived a self-governing and strangled existence since the start of the invasion. This happened to secure jobs for our employees." It added "We have stopped all investment projects."

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Russian government foresees building materials shortages from 2024

29 September 2022

Russia: The Ministry of Industry and Trade of the Russian government says that building materials are in high supply, but projected possible future shortages, beginning in 2024. Russian construction remains dependent on imports, and the government says that it will look to further develop the domestic production capacity of insulation and other materials from 2024.

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Alexander Trubitsyn appointed as general director of URSA Eurasia

13 June 2022

Russia: URSA Eurasia has appointed Alexander Trubitsyn as its general director for the production of thermal insulation materials. Previously he held the position of the Director of Production and Logistics at the company. Trubitsyn succeeds Denis Shvydkoi in the post. Shvydkoi will manage international projects for URSA Group, based at the company's head office.

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Kingspan to spend Euro200m on insulation production project in Ukraine

13 June 2022

Ukraine: Ireland-based Kingspan plans to spend Euro200m towards building a ‘Building Technology Campus’ in Ukraine. The site will be used to manufacture insulation and district heating products. Development of the project is due to start immediately with eventually commissioning forecast for 2027. The insulation company has appointed a project team to identify a suitable site, likely to be in the west of the country, and is liaising with the Ukrainian Government. Over 600 jobs are expected to be created when the site opens.

Gene Murtagh, the chief executive officer of Kingspan Group, said “This investment sits at the crossroads of three crises: the climate crisis, the energy security crisis, and the crisis caused by the Russian war against Ukraine. The new Building Technology Campus we are planning will make positive contributions on all three fronts, supporting Ukraine as it rebuilds its economy, meeting demand across central and Eastern Europe for energy efficient buildings, and helping Europe to reduce reliance on oil and gas imports.”

Kingspan previously said it had exited the Russian market and divested its operations to local management in April 2022 following a decision made in March 2022.

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