UAE: Rockwool International has won a new order to supply insulation to Abu Dhabi's Takreer refinery project. The refinery will have a 30,000 barrels/day capacity for crude oil and will produce 40,000t/yr of carbon black. The refinery is due for completion in December 2015.

Vietnam: Vietnam will completely abolish the use of more than 500t of hydrochlorofluorocarbon HCFC-141b, a chemical that damages the ozone layer, in the production of thermal insulation foam by the end of 2014.

The move is part of the country’s efforts to reduce the use of HCFC substances by 10% from 1 January 2015 onwards, according to Nguyen Van Tue, director of the Department of Meteorology, Hydrology and Climate Change under the Ministry of Natural Resources and the Environment.

Between now and 2019, Vietnam plans to cut the use of HCFC substances, mainly HCFC-22, by 900t from 3600t at present. The chemical is mainly used in refrigeration facilities. Van Tue added that that Vietnam had already successfully eliminated the import and use of CFCs, halons and CTCs, which are also ozone-depleting substances, between 1995 and 2010. As part of the project, Vietnam will choose alternative technologies and substances that are considered safe for the ozone layer and the climate, as set out by the Montreal Protocol on ODS.

To assist Vietnam’s efforts, the United Nations Industrial Development Organisation (UNIDO) worked with the department to design the project. UNIDO’s Representative in Vietnam, Patrick Gilabert, said that as part of the project UNIDO and equipment suppliers would deliver hydrocarbon technology to businesses that use refrigeration facilities.

Russia: TechnoNicol plans to invest US$62.2m in the construction of two plants to produce insulation products in the Karaganda region of Russia. The company intends to invest US$48m in the construction of a 80,000t/yr capacity basalt insulation plant and US$13.1m in the construction of a 300,000m²/yr capacity extruded polystyrene insulation plant.

The two projects are to be implemented in 2014 - 2016 in the Saryarka special economic zone in Karaganda, creating a total of 285 jobs. The relevant memorandum has been signed by the governor of Karaganda Region Nurmukhambet Abdibekov and TechnoNicol's president Sergei Kolesnikov.

Finland: CVC Capital Partners has acquired Paroc Group for about Euro700m. Paroc produces stone wool insulation in the Nordic and Baltic regions, has approximately 2100 employees and a pan-European sales presence supported by nine production facilities in Finland, Sweden, Lithuania, Poland and Russia.

In a successful 5-year period under the ownership of its current shareholder group, Paroc has grown its revenues from Euro317m in 2009 to Euro433m in 2013 and EBITDA from Euro46m to Euro80m, which has been achieved through organic growth. The development of the group’s higher-value, higher-margin technical insulation division, aided by investment in the group’s production plant in Trzemeszno, Poland, has represented one of the group’s success stories during this period. Most recently, Paroc has invested in a new facility in Izoplit, Russia, enabling the expansion of existing sales into the rapidly growing Russian market.

“The last five years have been successful, especially given the challenging economic backdrop and we are grateful to our former owners for their support during this period,” said Kari Lehtinen, CEO of Paroc. “We see a strong future for our business, with recovery in many of our markets expected in the coming years, and with our presence in the fast-growing Russian market. We look forward to taking Paroc forward in close cooperation with CVC, which is supportive of our strategy. CVC offers us a depth of experience and a strong track record with value-creating investments, expertise in the building materials sector and in the Nordic region. We are excited to share with CVC the next phase of our growth.”

The transaction has been approved by Paroc’s current shareholder group and the completion of the transaction is subject only to the receipt of customary competition clearances.