Kingspan Insulation, a subsidiary of Ireland-based Kingspan Group plc, is investing $25 million into its recently acquired Winchester, Va., facility following a period of double-digit sales growth across North America.
The expansion of the business formerly owned by Pactiv LLC will create 15 new jobs as Kingspan looks to increase its insulated panel reach into the residential sector while the focus on energy efficiency and security in the U.S. and Canada is at an all-time high, according to an announcement about the expansion and a news release on financial results.
Kingspan bought the business in November 2014 for $82 million. Now it will spend $25 million on plant upgrades and new equipment. The plan is to produce extruded polystyrene (XPS) foam insulation by 2017, an investor presentation given two months ago says.
Kingspan, which produces building envelope products in addition to insulation, has two manufacturing facilities in Canada and seven in the United States. The region generates more than 13 percent of the group's sales, which increased to 2.7 billion euros ($2.94 billion) in 2015.
The group also plans to grow globally in 2016 with expansions of its Kooltherm line in Australia, its roof panel line in Belgium, and its QuadCore panel line in Finland and Dubai, United Arab Emirates.
In Virginia, state officials approved a $500,000 grant as an incentive for Kingspan to upgrade an operation that has been in Frederick County more than 35 years.
“We are proud to partner with Kingspan Insulation as it increases production capacity and expands job opportunities for Virginians,” Gov. Terry McAuliffe, said in the Jan. 7 release. “Investment in advanced manufacturing and technologies for the future is a key component of building a new Virginia economy.”