UNBOUNCE - EXAMPLE PAGE-REPORT-ENTERPRISE DOCUMENT-KINGSPAN - Flipbook - Page 39
was Logstor Group, a European based
provider of highly insulated district
heating infrastructure, acquired in
June 2021 for €245m. The acquisition
of Romania based TeraSteel also
completed in the period. Additionally,
we entered the Uruguay Insulated
Panel market with the acquisition of
51% of Bromyros, and enhanced our
insulation channel in Australia and
New Zealand with the acquisition
of Thermakraft. We also became
a founding investor in the ground
breaking H2 Green Steel in Sweden
that aims to become the world’s first
zero carbon steel facility. In the second
half of 2021 we acquired California
based Solatube International, an
exciting bolt-on to our North American
Light & Air offering.
Organically, we commissioned 5
new manufacturing facilities or lines
across the globe in 2021, enabling
the ongoing conversion to highperformance materials.
We have plans for approximately 25
new manufacturing facilities or lines
over the next four years to support the
growth of our full spectrum of building
envelope solutions.
Acquisitions After Year End
Following year end we have reached
agreement to acquire Ondura Group
(‘Ondura’) from Naxicap. Ondura,
headquartered in France, is a leading
global provider of roofing membranes
and associated roofing solutions
with 14 manufacturing sites and a
distribution network in 100 countries
worldwide. The business recorded
sales in 2021 of €424m with EBITDA
of €63m. The consideration is €550m
payable in cash on completion and
conditional on obtaining customary
approvals. The acquisition of Ondura
is fully aligned with Kingspan’s long
stated strategy to develop multiple
technologies in roofing applications
and will serve as our global platform
for advancing these solutions.
We have also reached agreement,
subject to customary approvals, to
acquire Troldtekt, a leading Danish
headquartered manufacturer of
natural low carbon acoustic insulation.
In addition we have acquired THU
Perfil, an architectural and ceilings
solutions business in Spain.
Innovation
PowerPanel™(an engineered
combination of QuadCore™ insulated
panel and solar PV) development
completed during the period and a
large scale project on an in-house
roof was completed in quarter three.
This is now fully operational with real
time energy monitoring underway.
The approval process is nearing
completion which should pave the
way for a full scale market launch
during quarter two, in Britain and
Ireland initially. We are also finetuning our Rooftricity™ proposition,
a funded solution whereby the
customer outlay for a re-roof or
newbuild incorporating PowerPanel™
will be minimal. Encouragingly, the
soft launch project pipeline is ahead
of our expectations.
QuadCore™ 2.0 is also progressing
and in a coldstore application, the
product reached a 120 minute fire
rating, which is a dramatic leap
forward and will in many cases
match if not exceed the performance
of synthetic mineral fibre cored
products. QuadCore™ sales value
grew by 66% globally in 2021.
and system audits took place. A
further 90 manufacturing sites were
internally audited under the process
overseen by the Audit & Compliance
Committee of the Group’s Board.
ISO 37301 is the leading global
standard for establishing, developing
and monitoring compliance systems.
We have embarked on a programme
of widespread adoption of this
standard across the Group and during
2021, the standard’s first year of
implementation, 9 manufacturing
facilities across Kingspan achieved it.
During 2022, we anticipate adding
another 25 locations, including the
Kingscourt Insulated Panels facility
which will be the first of its kind
in Europe. Two of our US plants
in Modesto and Deland were fully
approved in 2021 making them joint
first in the world.
Ahlsell
Mölndal, Sweden
Insulated Panels
Paroc DELIGN
The team at our IKON Global
Innovation Centre has also developed
a low carbon insulated panel in
collaboration with our suppliers. This
is a prime example of how our Planet
Passionate agenda is translating
into market leading, sustainable
products. Initial testing suggests the
development panel will have c.25%
less embodied carbon and contain
upwards of 45% recycled content.
In addition, projects are underway
to achieve an ‘A’ classification for
Optim-R®, AlphaCore®, and ‘B’
classification for key Kooltherm®
applications. Significant progress is
also being made on entering the
‘natural’ insulation category.
Product Integrity
The Group’s product integrity audit
and compliance programme is
extensive. Over the course of the
year, 576 third party external product
Kingspan Group plc Annual Report & Financial Statements 2021
Chief Executive’s Review
