The company has acquired Denmark-based Troldtekt A/S, a manufacturer of sustainably produced wood-based acoustic boards.
The acquisition represents Kingspan's entry into natural materials and 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 per cent of global carbon emissions.
The Group has committed to reducing absolute Scope 1 and 2 GHG emissions by 90% by 2030. It has also pledged to reduce absolute Scope 3 GHG emissions by 42% within the same timeframe. The wider use of natural materials is part of a range of solutions that can help achieve those goals.
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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 is a high value and fast growing sector. The market is forecast to be worth €1.1bn 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.
In March 2022, Troldtekt will launch acoustic boards incorporating FUTURECEM™ cement. These new boards will have a negative carbon footprint as they absorb more CO2 than they emit during production and use.
"I am delighted to welcome Troldtekt to the Kingspan family," said Alan Lawlor, Managing Director Kingspan Insulation. "As the global leader in high-performance insulation and building envelope solutions, 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, added: "Joining Kingspan will give Troldtekt a global platform and the opportunity to benefit from Kingspan's world leading capabilities in innovation, material science and digitalisation."
