DIVERSIFOAM ACQUISITION – A NATURAL FIT FROM A GEOGRAPHIC, TECHNICAL AND CULTURAL PERSPECTIVE
Kingspan Group, the global leader in advanced insulation and innovative building solutions, is delighted to announce the acquisition of US-based Minnesota Diversified Products, Inc (DBA DiversiFoam). The acquisition will expand Kingspan’s US client base and core building insulation business in a sector that is forecasted to see strong growth.
Founded in 1966 in Rockford, Minnesota, DiversiFoam is a historic name in insulation manufacturing who pride themselves on their integrity, quality, and innovation. The company manufactures extruded polystyrene foam (XPS), expanded polystyrene foam (EPS) and fabricates polyisocyanurate foam billets for use in construction, insulation, packaging, and OEM applications. DiversiFoam will join up with the North American division of Kingspan Insulation LLC and become a key proponent of Planet Passionate, Kingspan’s 10-year global sustainability program, in the Americas.
DiversiFoam shares Kingspan’s passion for the environment, having pledged to apply principles to reduce, reuse and recycle waste in its operations. The company is committed to reducing landfill burden by recycling over 99% of any scrap generated as a result of production processes.
In line with Planet Passionate, the Kingspan Group and DiversiFoam Products’ plant at 9091 County Road 50 in Rockford, MN, will further expand and optimize the recycling drop-off hub for #6 EPS foam plastic. This will underpin Kingspan’s mission to promote sustainability in the construction industry.
With its three manufacturing plants strategically located in the Midwest, the acquisition of DiversiFoam provides Kingspan with an enhanced XPS and EPS footprint to support and expand its customer base.
DiversiFoam’s industry-leading XPS and EPS ranges will complement Kingspan’s own GreenGuard XPS products and advanced insulation boards, such as Kooltherm and OPTIM-R, as Kingspan seeks to provide customers with an even broader range of premium insulation solutions across new geographies.
The CEO of Minnesota Diversified Products, Inc., Ben Sachs said, “We are excited to be joining the Kingspan ‘family’ and view this as a great opportunity for everyone involved, including customers and employees. We anticipate continued growth and success going forward.”
Managing Director of Kingspan Insulation LLC, Doug Crawford, added “DiversiFoam and Kingspan are a natural fit from a geographic, technical and cultural perspective. The combination of these two outstanding businesses coupled with Kingspan’s commitment for further investment will provide our collective customer base, our employees, and our business partners with
significant value. I am thrilled to welcome the DiversiFoam team into the Kingspan family.”