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Kingspan Group

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"Kingspan" redirects here. For the rugby stadium in Belfast, see Ravenhill Stadium.
Kingspan Group plc
Company typePublic limited company
ISINIE0004927939
Founded1966
HeadquartersKingscourt, County Cavan, Ireland
Key people
Eugene Murtagh, Founder
Gene Murtagh, CEO
ProductsInsulated panels and facades, Insulation, Structural, Solar and Renewables Engineered Timber Systems, Access Floors, Wind Turbines, Septic Tanks
RevenueIncrease € 8,340.9 million (2022)[1]
Increase € 784.3 million (2022)[1]
Increase € 616.0 million (2022)[1]
Number of employees
22,000+ (2022)[2]
Websitewww.kingspan.com/

Kingspan Group plc is a building materials company based in Ireland, trading in over 80 countries with more than 210 factories employing over 22,000 people. The company operates with six divisions; Insulated Panels, Insulation, Light & Air, Water & Energy, and, Data & Flooring, Roof & Waterproofing.[3]

History

[edit]

Founded in the 1960s by Eugene Murtagh, the company floated on the Irish Stock Exchange in 1989 with a value of IR£20m.[4] It expanded into insulated panels and rigid insulation boards via numerous greenfield plants and acquisitions, including the European insulation arm of CRH plc in 2010[5] and the construction division of ThyssenKrupp Steel in 2012.[6] The year 2010 showed the first growth in sales for three years.[7]

In 2005, the company announced the appointment of Gene Murtagh as its chief executive, making him the youngest CEO on the Irish Stock Exchange.[8][9]

In June 2022, Kingspan announced its plan to build a new €200 million manufacturing plant in Ukraine.[10][11] The site will manufacture insultation and building materials for the company’s eastern European markets.[11]

In January 2024, the company acquired a 51 per cent stake in Steico for €250 million.[12][13]

Acquisitions

[edit]
Year Business Company Name(s)
1973 Insulated Panels Sec-Form[14]
1980 Insulation Shelter Insulation[15]
1986 - Torvale Group Ltd.[14]
1990 - Kuiper van der Jooij's[14]
1990 - Plaschem[15]
1991 Insulation Coolag[14]
1996 Insulation Kooltherm Insulated Ltd.[16]
1996 Water & Energy Titan Tanks, Polmeric and Armet Plastics[17]
1998 - Ward Building Components[18]
1998 Data & Flooring Hewetson Plc (USA), Durabella (UK)[19][20]
2000 Water & Energy Klargester, Plastech, Ferham, Entec[21]
2001 Data & Flooring Tate Global Corporation[22]
2006 Insulated Panels Zer–O–Loc[23]
2007 Insulated Panels Coldmatic Building Systems[23]
2007 Renewables Thermomax solar vacuum tube[24]
2008 Insulated Panels Metecno[25]
2009 Insulation AIR-CELL Innovations Pty[26]
2011 Renewables PROVEN Energy Ltd[27]
2011 Insulation CRH Insulation Europe (CIE)[28]
2012 Insulated Panels ThyssenKrupp Construction Group, Rigidal Industries LLC[29]
2014 Insulated Panels Pactiv Corp North American building products[30]
2014 Insulation PAL[31]
2015 Insulation Tarec, SPU Oy[32]
2015 Exterior Building Products Vicwest[33]
2015 Insulated Panels Joris Ide (Belgium)[34]
2016 Light & Air Essmann (Germany), STG Beikirch (Germany), Ecodis (France), Bristolite (USA)[35][36][37][38]
2017 Insulated Panels Isoeste (Brazil)[39]
2017 Light & Air Brakel (Netherlands)[40]
2018 Insulated Panels, Insulation Synthesia Group (Spain, Latin America)[41]
2018 Insulated Panels, Insulation Balex Metal sp. z.o.o (Poland)[41]
2019 Insulated Panels Group Bacacier SAS[42]
2020 Light & Air Colt Group[43]
2021 Light & Air Major Industries (USA), Solatube International (USA), Skydome (France), Essemes Services (France)[44][45][46]
2021 Insulation Termakraft[47]
2021 Insulation Logstor[48]
2022 Roofing & Waterproofing Ondura[49]
2022 Roofing & Waterproofing Derbigum[50]
2022 Insulated Panels Calostat[51]
2023 Insulated Panels Alaço [52]
2023 Roofing & Waterproofing CaPlast[53]
2023 Insulation HempFlax Building Solutions GmbH [54]
2023 Roofing & Waterproofing LRM[55]
2023 Insulation Troldtekt[56]
2024 Insulation STEICO SE [57]

Commitments

[edit]
Kingspan Head Office in Kingscourt, Ireland

Innovation

[edit]

Kingspan Group's new global innovation centre, 'IKON', opened in 2019 in Kingscourt, Ireland, next to the head office. Designed by 'MILLIMETRE DESIGN' (Dublin), it comprises 18 Kingspan products serving as a 'state-of-the-art' place of research and living research project.[58][59] The facility has been modelled with a Digital Twin and leverages input from sensors, IoT devices, Virtual Reality (VR), Autodesk Forge and BIM Data to further enhance operational efficiency.[60]

Sustainability

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Approximately 39% of all greenhouse gas (CO2 and CO2e) emissions globally come from construction and buildings in operation, so it is vital that more buildings decarbonise by incorporating insulation and using increasingly energy-efficient appliances.[61]

In 2020, Kingspan Group achieved its fourth appearance on CDP’s prestigious ‘A-list’ for climate change.[62][63][64] Joining the Renewable Energy 100 (RE100) initiative in 2010, the Group achieved Net Zero Energy across all manufacturing and office facilities globally by 2019.[65] In 2019, the Group joined the Circular Economy 100 (CE100) initiative as a member.[66]

Kingspan Group also launched its 10-year ‘Planet Passionate’ sustainability programme in 2019, consisting of twelve targets focused on the four key areas of; Energy, Carbon, Circularity and Water.[67] As part of programme, the company announced its target to reduce carbon emissions by 90 per cent by 2030.[68] One carbon target is to achieve net zero carbon manufacturing and a '50% reduction in product CO2 intensity from primary supply partners'.[69] One circularity target is to upcycle 1 billion PET bottles into insulation by 2025, up from 256 million in 2018.[70]

In 2023, the company reported a 26 per cent reduction in carbon emissions since 2020.[71]

Kingspan Group have over 120 manufacturing sites, which are spread across 70 different countries.[72]

Controversies

[edit]

Grenfell Tower fire

[edit]
Main article: Grenfell Tower Inquiry § November 2020

In November 2020, the official inquiry into the 2017 Grenfell Tower Fire heard evidence from Kingspan ex-technical director Ivor Meredith that Kingspan insulation product Kooltherm K15 was used in the flammable cladding system mounted on to Grenfell Tower, despite Kingspan knowing that the product did not meet the required fire standard.[73][74][75] Around 5% of the insulation in the cladding on the tower was manufactured by Kingspan whilst the rest was manufactured by a major competitor.[76] A previous version of the product had passed fire tests, but Meredith described a fire test using the version of the product used on Grenfell as a "raging inferno", with the insulation "burning on its own steam".[73]

Also in November 2020, the inquiry learned that Kingspan director Philip Heath had said, in 2008, that consultants who raised concerns about the combustibility of its product could "go f*ck themselves", and that they were "getting me confused with someone who gives a dam [sic]".[77]

Near the end of November 2020, it emerged that Kingspan executives had sold at least £6.5M of shares in the company shortly before Kingspan's inquiry hearings were due to start.[78] Kingspan's share price fell 15% over the course of the hearings.[79]

On 8 December 2020, the inquiry saw evidence that in November 2016, Kingspan technical staff had acknowledged internally that Kingspan was selling its Kooltherm K15 foam insulation product as less flammable than it really was.[80][81][82][83][84]

On 9 December 2020, the inquiry was told that after the Grenfell fire, Kingspan had invested in a smear campaign against rival companies' products. The campaign involved secretly using non-standard test rigs to artificially create the appearance that non-flammable rival products might in fact be flammable, and hiring lobbyists to push the results before policymakers such as the Housing, Communities and Local Government Committee and other MPs.[85][86][87][88]

On 4 September 2024, the final report of Grenfell Tower Inquiry found Kingspan's "dishonest marketing" of its K15 product had "created the conditions" for Celotex, another insulation company, to target the market by "dishonest means". Kingspan had "long-running internal discussions about what it could get away with" that "betrayed no concern for accuracy", the report said.[89]

Mercedes Formula 1 team sponsorship

[edit]

On 1 December 2021, the Mercedes F1 team signed a sponsorship deal with the Kingspan Group. This announcement proved controversial due to Kingspan being under scrutiny due to the Grenfell Tower inquiry. The Mercedes-Kingspan Group deal attracted criticism from Grenfell United (survivors of the Grenfell Tower fire in which 72 people were killed) and then-UK government minister Michael Gove. Mercedes subsequently agreed to review its decision and Mercedes F1 team boss, Toto Wolff, offered to meet and listen to the Grenfell fire survivors.[90] On 8 December 2021, it was announced the deal between Kingspan and Mercedes F1 Team had been terminated with immediate effect.[91]

See also

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References

[edit]
  1. ^ a b c "Annual Results 2022" (PDF). Kingspan. Retrieved 16 February 2023.
  2. ^ "About us". Kingspan. Retrieved 28 March 2023.
  3. ^ "Who are we". Kingspan Group. 18 Feb 2023. Retrieved 18 Feb 2023.
  4. ^ "Murtagh takes bumpy ride east with Kingspan". The Irish Times. 28 May 2004. Retrieved 24 January 2016.
  5. ^ "Kingspan acquires CRH insulation unit for €120m". Independent.ie. Retrieved 24 January 2016.
  6. ^ "Kingspan buys ThyssenKrupp Construction". Retrieved 24 January 2016.
  7. ^ "Kingspan sees first growth in three years". RTE.ie. 28 February 2011. Retrieved 24 January 2016.
  8. ^ "Mr Gene Murtagh | University of Limerick". www.ul.ie. 2022-10-28. Retrieved 2024-08-28.
  9. ^ "Kingspan appoints new chief executive". The Irish Times. Retrieved 2024-08-28.
  10. ^ Sandbu, Martin (22 June 2023). "Ukraine and its partners are beginning to win the peace". www.ft.com. Retrieved 2024-08-28.
  11. ^ a b "Kingspan pushing ahead with €280m Ukraine manufacturing 'campus'". The Irish Times. Retrieved 2024-08-28.
  12. ^ Gayne2024-01-08T11:50:00+00:00, Daniel. "Kingspan buys majority share in German firm". Building. Retrieved 2024-08-28.{{cite web}}: CS1 maint: numeric names: authors list (link)
  13. ^ Budszus, Tom (2024-01-05). "Kingspan completes EUR250 million Steico stake buy after clearance". MorningstarUK. Retrieved 2024-08-28.
  14. ^ a b c d "Our History". Retrieved 13 February 2021.
  15. ^ a b "KINGSPAN INSULATION LIMITED". find-and-update.company-information.service.gov.uk. Retrieved 13 February 2021.
  16. ^ "Kingspan buys Welsh firm for £9.5 million". Irish Times. Retrieved 13 February 2021.
  17. ^ "Essential Product Guide" (PDF). cms.esi.info. Retrieved 13 February 2021.
  18. ^ "Kingspan set to win the battle for Ward". Irish Times. Retrieved 13 February 2021.
  19. ^ "Kingspan acquires US flooring firm for $120 million". Irish Times. Retrieved 13 February 2021.
  20. ^ "Kingspan buys UK flooring company". Irish Times. Retrieved 13 February 2021.
  21. ^ "Kingspan Group PLC Financial Results 2001". investegate.co.uk. Retrieved 13 February 2021.
  22. ^ "Kingspan Buys US Flooring Firm Tate For $120m". rte.ie. Retrieved 13 February 2021.
  23. ^ a b "OLYMPIC WALL SYSTEMS". zippia.com. Retrieved 13 February 2021.
  24. ^ "Kingspan Solar expands into US". heatingandventilating.net. Retrieved 13 February 2021.
  25. ^ "Kingspan acquires U.S. panel maker Metecno". Reuters.com. Retrieved 13 February 2021.
  26. ^ "Kingspan Insulation buys Air-Cell Innovations in Australia". utech-polyurethane.com. Retrieved 13 February 2021.
  27. ^ "Kingspan Renewables buys troubled Proven Energy". insider.co.uk. Retrieved 13 February 2021.
  28. ^ "Kingspan acquires CRH insulation unit for €120m". Independent.ie. Retrieved 13 February 2021.
  29. ^ "Kingspan buys ThyssenKrupp Construction". theconstructionindex.co.uk. Retrieved 13 February 2021.
  30. ^ "Kingspan completes $82 million acquisition of Pactiv". Irish Times. Retrieved 13 February 2021.
  31. ^ "Kingspan to cut back on acquisitions". Irish Times. 24 February 2015. Retrieved 26 February 2021.
  32. ^ "Kingspan buys out Recticel partner in Euro8.5m deal". globalinsulation.com. Retrieved 13 February 2021.
  33. ^ "Kingspan Group PLC acquires Vicwest for US$350 million and immediately sells Vicwest's Westeel Division for US$221.5 million to AG Growth International". www.fasken.com. Retrieved 2022-05-12.
  34. ^ "Kingspan buys Belgium's Joris Ide for €315m". rte.ie. Retrieved 13 February 2021.
  35. ^ "Kingspan acquisition of Essmann Group". iflr1000.com. Retrieved 13 February 2021.
  36. ^ "Kingspan Light & Air makes towers smoke safe". buildingconstructiondesign.co.uk. Retrieved 13 February 2021.
  37. ^ "Kingspan rachète Essmann Group et sa filiale française Ecodis". greenunivers.com. Retrieved 13 February 2021.
  38. ^ "Kingspan spends €35m on US acquisition". Irish Times. Retrieved 13 February 2021.
  39. ^ "Kingspan buys 51pc stake in Brazilian company Isoeste". Independent.ie. Retrieved 13 February 2021.
  40. ^ "Kingspan purchases Dutch glazing specialist". independent.ie. Retrieved 13 February 2021.
  41. ^ a b "Kingspan set to buy Spain's Synthesia group for €250m". rte.ie. Retrieved 13 February 2021.
  42. ^ "Brexit hits Kingspan sales but still on track for growth". Irish Times. Retrieved 13 February 2021.
  43. ^ "Colt to become part of the Kingspan Group". coltgroup.com. Retrieved 13 February 2021.
  44. ^ "Kingspan Light + Air Acquires Major Industries". majorskylights. Retrieved 7 June 2021.
  45. ^ "Kingspan spends €35m on US acquisition". bdocap.com. Retrieved 8 March 2022.
  46. ^ "SMAC Completes Sale of Skydôme and Essemes Services Businesses to Kingspan Light + Air". www.citybiz.co. Retrieved 14 April 2021.
  47. ^ "Thermakraft acquisition positions Kingspan strongly in Australia & NZ markets". Architecture & Design. Retrieved 2024-08-28.
  48. ^ roofingtoday (2021-03-26). "Kingspan Acquistion of Logstor for €253m". Roofing Today. Retrieved 2024-08-28.
  49. ^ "Revenues rise at Kingspan as it buys Ondura in €550m deal". The Irish Times. Retrieved 2024-08-28.
  50. ^ "An Introduction to the new Kingspan Roofing + Waterproofing Division | Kingspan Group". www.kingspangroup.com. Retrieved 2024-08-28.
  51. ^ staff, Global Insulation (2022-10-06). "Kingspan acquires Calostat from Evonik". www.globalinsulation.com. Retrieved 2024-08-28.
  52. ^ "Kingspan Group acquires Alaço | Kingspan Group". www.kingspangroup.com. Retrieved 2024-05-15.
  53. ^ "Kingspan Group acquires CaPlast as part of its growing Roofing + Waterproofing focus | Kingspan Group". www.kingspangroup.com. Retrieved 2024-08-28.
  54. ^ hochhardt (2021-08-23). "Company". Thermo-Hanf. Retrieved 2024-05-15.
  55. ^ "Kingspan acquires French roof waterproofing distribution specialist LRM | Kingspan Group". www.kingspangroup.com. Retrieved 2024-08-28.
  56. ^ "Kingspan Announces Troldtekt Acquisition | Kingspan Group". www.kingspangroup.com. Retrieved 2024-08-28.
  57. ^ "Acquisition of STEICO SE | Kingspan Group". www.kingspangroup.com. Retrieved 2024-05-15.
  58. ^ "Kingspan New Global Innovation Centre IKON". premierconstructionnews.com. Retrieved 17 February 2021.
  59. ^ "IKON - Kingspan's Innovation Centre". Retrieved 17 February 2021.
  60. ^ "Kingspan opens new IKON Global Innovation Centre". irishbuildingmagazine.ie. Retrieved 17 February 2021.
  61. ^ "New report: the building and construction sector can reach net zero carbon emissions by 2050". worldgbc.org. Retrieved 17 February 2021.
  62. ^ "Search and view past CDP responses Kingspan Group PLC". cdp.net. Retrieved 17 February 2021.
  63. ^ "Four Irish firms make global environmental CDP 'A' list". rte.ie. Retrieved 17 February 2021.
  64. ^ "Kingspan only Irish firm to achieve 'A' rating in global climate survey". independent.ie. Retrieved 17 February 2021.
  65. ^ "Celebrating success: Kingspan surpasses 2016 target on the way to 100% renewable power - News". there100.org. Retrieved 17 February 2021.
  66. ^ "The CE100 welcomes six new members". ellenmacarthurfoundation.org. Retrieved 17 February 2021.
  67. ^ "Planet plan: Kingspan's 10-year bid to go green". independent.ie. Retrieved 17 February 2021.
  68. ^ "Kingspan targets 90% reduction in direct emissions by 2030". future net zero. 2021-08-11. Retrieved 2024-08-28.
  69. ^ "Global building industry leader Kingspan launches plans to tackle climate change". greenbuilding.co.uk. Retrieved 17 February 2021.
  70. ^ "Kingspan targets net zero carbon manufacturing by 2030". constructionmanagermagazine.com. Retrieved 17 February 2021.
  71. ^ Team, BDC News (2023-03-08). "Kingspan achieves 26% reduction in absolute scope 1 & 2 emissions since 2020". BDC Magazine. Retrieved 2024-08-28.
  72. ^ "Kingspan Insulation". tradeinsulations.co.uk. Retrieved 13 April 2023.
  73. ^ a b "Grenfell Tower: Cladding firm 'stretched the truth' on fire safety". BBC. Retrieved 24 November 2020.
  74. ^ Hornall, Thomas (2020-11-30). "Kingspan insulation product used on Grenfell Tower failed 2007 fire test". The Irish News. Irish insulation manufacturer Kingspan changed the make-up of its Kooltherm K15 insulation after 2005 without amending the marketing material stating it was suitable for use on buildings over 18 metres and had passed a relevant fire test, the inquiry has heard. The new version of the phenolic foam insulation – referred to as "new technology" versus "old technology" in proceedings – failed a subsequent fire test in December 2007 held by the Building Research Establishment (BRE). Internal Kingspan analysis at the time noted: "The new technology phenolic is very different in a fire situation to the previous technology which has passed several similar tests. The phenolic burnt very ferociously and gave the top cavity barrier a serious hammering."
  75. ^ "Kingspan exec admits delay in informing public of misleading fire certification at Grenfell inquiry". RTE. 2020-12-07. Kingspan sold its Kooltherm K15 insulation with an unrepresentative fire certificate based on a 2005 test which claimed it was safe for use on buildings higher than 18m. The product sold from 2006 onwards was different from that tested the year before, but the firm kept selling it using the old technology's test pass and only withdrew this certification in October [2020].
  76. ^ "UK gives housebuilders huge bill to remove cladding". RTE.ie/news. 10 January 2022. Retrieved 1 May 2022.
  77. ^ Weinfass, Ian (December 1, 2020). "Grenfell inquiry: Kingspan manager said fire consultants could 'go f*ck themselves'".
  78. ^ correspondent, Robert Booth Social affairs (November 27, 2020). "Kingspan directors cashed in £6m of shares before airing of Grenfell claims" – via www.theguardian.com. {{cite web}}: |last= has generic name (help)
  79. ^ "Director of Grenfell firm quits after evidence it used outdated fire tests". the Guardian. December 17, 2020.
  80. ^ "Staff at insulation firm that supplied Grenfell Tower materials joked about product test 'lies'". The Independent. December 8, 2020.
  81. ^ Booth, Robert (2020-12-08). "Staff joked safety claims about material used on Grenfell were 'all lies', inquiry told". The Guardian. Retrieved 2020-12-08.
  82. ^ Hopkirk, Elizabeth (2020-12-08). "Kingspan boss denies putting occupants of K15 towers at risk, Grenfell Inquiry hears". Building. Retrieved 2020-12-08.
  83. ^ Dunton, Jim; Lowe, Tom (2020-12-08). "Grenfell Inquiry: Another uncomfortable week for Kingspan". Building. Retrieved 2020-12-08.
  84. ^ "Grenfell contractors 'joked about "lies" over how combustible insulation was'". December 9, 2020.
  85. ^ Booth, Robert (2020-12-09). "Firm rigged tests of rival product after Grenfell blaze, inquiry told". the Guardian. Retrieved 2020-12-09.
  86. ^ Staff, C. N. (December 10, 2020). "Kingspan lobbied MPs with 'rigged' fire tests".
  87. ^ Hopkirk2020-12-10T07:29:00+00:00, Elizabeth. "Kingspan hired lobbyists and 'gamed' tests in aftermath of Grenfell fire, inquiry told". Building.{{cite web}}: CS1 maint: numeric names: authors list (link)
  88. ^ Ing, Will (December 10, 2020). "Kingspan lobbied MPs with 'gamed' test results of rival insulation products".
  89. ^ Booth, Robert (4 September 2024). "Deliberate, dishonest, dismissive, dangerous: how report describes Grenfell Tower's key players". Guardian. Retrieved 4 September 2024.
  90. ^ "Grenfell Tower: Rethink deal with insulation firm, Mercedes F1 urged". 3 December 2021 – via www.bbc.co.uk.
  91. ^ "Mercedes and Kingspan end sponsorship deal". www.bbc.co.uk. BBC Sport. Retrieved 8 December 2021.
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