Insulation industry news from Global Insulation

US: Huntsman recorded an income of US$649m in the first half of 2020, up by 161% year-on-year from US$249m in the first half of 2019. Sales fell by 18% to US$2.84bn from US$3.45bn. Polyurethane volumes and prices fell globally during the period due to the effects of the coronavirus outbreak, according to the company, however second-quarter growth in China partly offset this.

Chair, chief executive officer (CEO) and president Peter Huntsman said, “We were fortunate to have been more prepared than ever as we entered the second quarter in an unprecedented global economic crisis, with little to no visibility. With our transformed balance sheet, there was no need to access capital markets and we completed the quarter with US$2.6bn of overall liquidity and generated positive free cash flow. We remain focused on what we can control and have accelerated and improved integration plans for our recent acquisitions, CVC Thermoset Specialties and Icynene-Lapolla.” He continued, “While the on-going related global effects of Covid-19 remain uncertain and visibility continues to be poor, we see improving trends within most of our major markets and are optimistic that the worst of this economic slowdown is behind us."

US: Installed Building Products (IBP) recorded a net income of US$41.3m in the first half of 2020, up by 49% year-on-year from US$27.8m in the first half of 2019. Sales were US$791m, up by 11% from US$714m. Chair and chief executive officer (CEO) Jeff Edwards said, “These record results demonstrate the success of our on-going geographic, end-market, and end-product diversification strategies, the benefits of our pricing strategies, and the hard work and dedication of our employees.”

The installer of insulation and complementary building products has also recently acquired Charleston Insulation and Foam and Savannah Insulation and Foam from Energy One America. Both companies provide foam, glass fibre and air barrier insulation installation services. Edwards said, “With total annual revenue of approximately US$22m, these branches expand our presence in two attractive markets. In addition, each branch provides multiple installation services, and end market diversification that fits extremely well within our overall growth strategy.”

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: Stepan has recorded a first-half income before tax of US$63.4m, up by 15% year-on-year from US$55.2m in the first half of 2020. Net sales were US$910m, down by 5.4% year-on-year from US$962m. Polymer sales, which includes sales of Stepan’s rigid foam insulation polyols, fell by 20% to US$112m from US$141m due to lower North American and European demand, “reflecting Covid-19 construction project delays,” according to the company. This was partly offset by increased sales volumes of 41% from its China division.

US: DuPont plans to launch new extruded polystyrene foam insulation products in its Styrofoam brand with reduced global warming potential (GWP) from the start of 2021 to meet its 2030 Sustainability Goals and comply with adopted and upcoming state and provincial hydrofluorocarbon (HFC) regulations throughout the US and Canada. The company also expects a reduction in embodied carbon to be reflected in an updated Environmental Product Declaration (EPD), which will be available with the new products.

"We are taking a thoughtful, phased approach to launching this latest Styrofoam innovation to ensure we are providing a sustainable, code-approved solution that does not sacrifice the performance our customers have come to trust," said Tim Lacey, Global Vice President & General Manager, DuPont Performance Building Solution.

US: Johns Manville (JM) has appointed Bob Wamboldt as its president and chief executive officer (CEO) with effect from 1 September 2020. He succeeds Mary Rhinehart, the company’s current chairman, president and CEO, who will retain the role of chairman.

Wamboldt joined Johns Manville in 2003 and became president of JM’s Insulation Systems business in 2017. He earlier led the Engineered Products North America and Roofing Systems businesses at JM. Wamboldt is also chairman of the North American Insulation Manufacturers Association and previously served as president of the Asphalt Roofing Manufacturers Association. Before joining Johns Manville, Wamboldt worked for 16 years at PPG Industries, where he held a variety of positions in the company’s Fiber Glass and Coatings divisions. He earned a bachelor’s degree in chemistry from Lehigh University.

Greg Clarke will become president of JM’s Insulation Systems business with effect from 1 September 2020. He became JM’s Senior Vice President and chief financial officer (CFO) when he rejoined the company in 2013. In this role, he led JM’s finance organisation, global procurement and logistics operations, and corporate development activities. He previously worked for Johns Manville from 1997 to 2002 and was Vice President and General Manager of the company’s Building Insulation and Commercial & Industrial Insulation divisions.

Before returning to Johns Manville, Clarke was CFO and a director at AeroGrow International, an early-stage consumer products company, and president and CEO at Ankmar, a building products company. Earlier in his career, he held finance leadership and strategic planning roles at PepsiCo and The Coleman Company. Clarke earned a bachelor’s degree in economics from Amherst College and an MBA from Columbia University Graduate School of Business. He serves on the AeroGrow board of directors and is a member of the board of Alumni and Friends of the Leeds School of Business at the University of Colorado.

US: Knauf Insulation North America has partnered with BIMsmith to provide 3D models of its leading insulation products for building product research and selection by architects. The models contain ‘key properties and data’ and integrate with Autodesk Revit building modelling software.

Knauf Insulation North America marketing vice president Linda McGovern said, “BIM is at the forefront of intelligent, sustainable building design. Our investment in BIM paves the way for Knauf to further our impact on the sustainable, energy-efficient construction of the future.”

US: Johns Manville says that it has begun production of a new specially-developed coated polyester spunbond nonwoven fabric for use in Level 3 medical gowns for healthcare professionals fighting the coronavirus outbreak. It is producing the material, called Evalith, at its Spartanburg special applications building materials plant in South Carolina.

Johns Mansville engineered products president John Vasuta said, “Given the urgent need for action, we quickly decided to build on our own capabilities and develop a coated product to supply the domestic medical gown manufacturing industry. The fabric offers superior liquid barrier performance compared to materials used for Level 1 and Level 2 medical gowns, while also providing comfort and stitch-strength.”

US: Germany-based Knauf Insulation has launched an appeal against the decision of a Californian court in a civil dispute over staff pay. The claimants allege that Knauf Insulation has failed to pay overtime wages, meal and rest period premiums and minimum wages. Knauf was also accused of failing to maintain records to provide accurate wage statements. Class Action reporter has reported that case will pass to the US Court of Appeals.