Recticel, the Belgian multinational and the European leader in polyurethane applications has announced building in a new manufacturing facility in Finland. The company’s insulation division a leading PIR insulation board manufacturer – will invest in a new greenfield production site in Finland to meet the growing demand for high performance thermal insulation materials in the Nordic region and Baltic countries.
The new state-of-the-art production facility to be located in southern Finland, will produce high performance, industrial grade rigid polyurethane foam (“PIR”) panels used for thermal insulation for the construction sector. With this important investment, Recticel Insulation will serve the growing demand for thermal insulation materials in northern Europe. Recticel’s investment of 23 million euros follows their growth strategy.
“This investment is an additional step in the execution of the growth strategy of our Insulation business. It offers an attractive expansion in the Nordic region, which is a growing market for high performance insulation materials’’, says Olivier Chapelle, CEO of Recticel.
‘’The location in southern Finland will allow us to serve the growing demand in the Nordic region (Finland, Sweden, Norway, Denmark) and the Baltic Countries for high performance thermal insulation materials. – Finpro, Invest in Finland was offering us big support in location search, investment aid investigation and other ad hoc questions on the ways to do business in Finland”, says Yulia Boytsova, Business Development Manager at Recticel.
New and stricter building codes and standards of insulation, as well as new structural designs offering better insulation will drive the demand for Recticel’s new production. The factory will be fully on-line by the second half of 2018.
‘’We are excited about Recticel’s decision to invest in a state of the art production facility in Finland. This confirms the growing trend of industrial production returning to Finland. Our geographical location between east and west, stable economy and the lowest corporate tax rate in the Nordics offers a great setting for new business development. We welcome investors to explore opportunities in Finland that will empower them to grow and prosper, just as Recticel does”, commented Helvi Väisänen, Senior Director, Business Development at Finpro, Invest in Finland.
As a group Recticel, diversifies its activities over four selected business lines; insulation, bedding, flexible foams and automotive. In financial year 2016m Recticel’s net sales were 1.35 billion euros. The company operates in 98 locations in 28 countries and it employs ca 8000 people. 93% of its sales is realized in Europe. Recticel is listed on Euronext.