Kingscourt, Ireland – Rigid insulation board maker Kingspan Group has exited all business in Russia and now is planning a 200 million euro ($208 million) expansion in Ukraine.
"This investment sits at the crossroads of three crises: the climate crisis, the energy security crisis, and the crisis caused by the Russian war against Ukraine," Kingspan CEO Gene Murtagh said in a news release. "The new Building Technology Campus we are planning will make positive contributions on all three fronts, supporting Ukraine as it rebuilds its economy, meeting demand across Central and Eastern Europe for energy efficient buildings, and helping Europe to reduce reliance on oil and gas imports."
On April 5, Ireland-based Kingspan announced it had completed its exit from the Russian market and divested its operations to local management. Russia accounted for less than 1 percent of Kingspan’s global operations.
The company is currently scoping out locations in Ukraine for the new facility.
The new Ukraine site will manufacture advanced insulation products and district heating solutions, the company said.
In addition to the new plant, Kingspan has donated $750,000 to UNICEF for refugee assistance centers on the Ukrainian border.
"We invite the international business community to follow this example by withdrawing completely from Russia and relocating their businesses in Ukraine," Ukraine,Foreign Minister Dmytro Kuleba said in the release. "This will benefit ... a company's standing and its long-term strategy."
Kingspan has operations in 70 countries and employs in excess of 19,000 people in more than 198 manufacturing facilities.