Kingspan Group completes acquisition of Troldtekt
Kingspan Group plc (Kingspan), a specialist in advanced insulation and innovative building solutions, has completed the acquisition of Troldtekt A/S, a manufacturer of sustainably produced wood-based acoustic boards.
With a state-of-the-art, almost zero carbon manufacturing production facility in Troldhede, Denmark, Troldtekt manufactures acoustic boards from Danish-grown Norwegian spruce and portland cement extracted from Danish mineral resources.
The acquisition represents Kingspan’s entry into natural materials. Importantly, it gives the Group a technology platform for developing natural solutions for other applications, including insulation.
Kingspan’s ambitious sustainability targets include reducing emissions within its operations and supply chain as well as contributing to the decarbonisation of the built environment, which is responsible for 39 percent of global carbon emissions.
Troldtekt’s products bring acoustic comfort and a healthy indoor climate to buildings in multiple sectors, from agriculture to Michelin-starred restaurants. Acoustic boards are suitable for any space where good acoustic performance or noise protection is required, including offices, meeting rooms, public buildings, and even homes.
Acoustic boards are a high-value and fast-growing sector. The market is forecast to be worth €1.1bn (£911m) by 2025. Troldtekt has gained a large market share in Denmark and is establishing itself in Germany and Sweden. The company has been growing at more than 15% per annum in recent years.
Sustainability is at the heart of Troldtekt’s strategy. The company’s business model is based on the internationally recognised Cradle to Cradle concept. Troldtekt boards can safely be returned to the biological cycle as a soil conditioner.
“I am delighted to welcome Troldtekt to the Kingspan family,” said Alan Lawlor, Managing Director Kingspan Insulation. “We have the capacity to help them expand beyond their core markets, whilst bringing acoustic and decorative boards and natural insulation materials into our portfolio.
“Troldtekt has been able to continuously innovate and it sets the bar impressively high in the field of the circular economy. We will invest significantly in the company’s production facilities to set them up for geographic growth.”
Peer Leth, Managing Director Troldtekt, said; “Joining Kingspan will give Troldtekt a global platform and the opportunity to benefit from Kingspan’s leading capabilities in innovation, material science and digitalisation.”