Insulation industry news from Global Insulation

UK: SIG has suspended a ‘number of individuals’ from its staff following the discovery of an intentional effort to overstate the company’s profit in 2016. The discovery followed allegations by a whistle-blower concerning financial irregularities whereby the group’s profit was overstated by up to Euro4.2m in 2016. The affected financial statements will be restated following an audit by Deloitte and KPMG.

According to the Daily Telegraph newspaper, the discrepancies relate to work carried out in 2016 under previous chief executive officer (CEO) Stuart Mitchell. He resigned in November 2016 by ‘mutual agreement’. The group’s former finance director, Doug Robertson, retired in early 2017.

US: Germany’s BASF plans to start building a methylene diphenyl diisocyanate (MDI) synthesis unit at its Verbund plant in Geismar, Louisiana in the second quarter of 2018. Planning and engineering for the new unit started in 2016 and were recently completed. The upgrade is expected to double the company’s MDI production capacity to nearly 0.6Mt/yr from 0.3Mt/yr. The investment is planned to support the growth of BASF’s North American business.

France: Saint-Gobain plans to build a new glass wool production line at its Isover branded plant at Chemillé near Angers. The line is scheduled to start production in mid-2019. It is being built to meet rising demand in the French market for roof insulation products.

In addition, Saint-Gobain is planning to open new production lines at its plants in Azuqueca near Madrid in Spain and Vidalengo near Milan in Italy. These lines will open in spring and autumn 2018 respectively. Altogether Saint-Gobain has invested Euro45m in the upgrades with the majority placed in Chemillé.

Spain: Óscar del Río has been appointed as the chief executive officer (CEO) of Knauf Insulation Iberia. He suceeds Daniele Cerutti, according to Alimarket. Del Río has worked for Knauf for 18 years in a variety of different roles. He started at Knauf Industries, one of the subsidiaries of the group dedicated to the manufacture of expanded polystyrene insulation, as a regional commercial manager. Later he becacme head of sales for Knauf Insulation in 2007 and commercial director for the Mediterranean region in 2014. He was appointed as the director general of Knauf Insulation Iberia in November 2017.

US: The German vacuum panel insulation product manufacturer Va-Q-tec has opened its new headquarters in the UY at Langhorne, Pennsylvania. The new site will become the US welcome and innovation centre and showcase Va-Q-tec’s latest products. In addition, Va-Q-tec will also manufacture its small box containers in Langhorne and will use the location as a hub for its rental and repair station. Although the new site will focus on thermal packaging products for industries such as the pharmaceutical sector the company also manufactures vacuum panel insulation products for the construction industry.