Troldtekt A/S becomes part of Kingspan Group: Common vision of growth and sustainability journey
Troldtekt A/S, the Danish producer of acoustic panels made from wood and cement, becomes a part of the Irish Kingspan Group. Thus, Troldtekt joins a global group that shares the vision of a sustainable construction industry. The new ownership will prepare the company for continued international growth – with a significant production expansion in Denmark.
After thorough dialogue with both manufacturing companies and private equity funds, Troldtekt A/S has found a new owner. On Thursday the 10th of February 2022, the contract with the listed construction group Kingspan Group was signed. Now remains the formal approvals from authorities, which are expected to fall into place within the next couple of months.
– Right from the beginning, we have had a good dialogue with Kingspan, and we have only been further reassured, that there is a strategic match between our companies. Our ambition was to find the right owner, who has the insight and values to develop Troldtekt – also as a manufacturing company. And at the same time an owner, who shares Troldtekt’s ambitions on growth through a focus on sustainability. Both aspects are fully fulfilled with Kingspan, says Kurt Bering Sørensen, Chairman of the Board at Troldtekt A/S.
Troldtekt continues under the same name and with the same well-known brand, which has been on the market since 1935. Also, the production remains in Denmark, where Troldtekt now must double the capacity with an extra factory to the existing factory in Troldhede in Western Jutland.
Troldtekt has a great potential
– Troldtekt is an innovative company with a wide range of natural acoustic solutions, which will be a strategically strong supplement to our product portfolio in the Kingspan Group. Troldtekt is also a well-run company, which has been able to continuously innovate, and which sets the bar impressively high in the field of circular economy. The potential for international growth is great. We look forward to realizing that potential together with Troldtekt’s skilled employees, he says.
Great ambitions in the circular economy
Troldtekt has for more than a decade worked both concretely and strategically with the sustainable design concept Cradle to Cradle. 97.7 percent of the energy used in the production comes from renewable sources, and cement-bonded wood wool waste is recycled as a raw material in new cement at Aalborg Portland. In March 2022, Troldtekt launches acoustic panels based on the cement type FUTURECEM™. The new panels have a negative carbon footprint, given that they absorb more CO2 than they emit during both production and use.
– Troldtekt’s business strategy is based on a sustainability focus and Cradle to Cradle-thinking. This is the central reason to the growth in recent years. It has been important to us to find an owner with solid ambitions within the climate field, and we are confident Kingspan will build on the already sound foundation, says Kurt Bering Sørensen.
FACTS: About Troldtekt A/S
- Troldtekt A/S is a leading developer and producer of acoustic solutions for ceilings and walls.
- Since 1935, Danish wood and cement have been the raw materials in the production, which takes place in Denmark under modern and environmentally friendly conditions.
- The business strategy is designed with the design concept Cradle to Cradle as a central element.
- In 2021, Troldtekt had a turnover of DKK 500 million and has approx. 175 employees.
- In addition to the head office in Tranbjerg in Jutland and the production in Troldhede. Troldtekt has subsidiaries in Germany and Sweden.
- Since 2005, the company has been owned by the descendants of Thorkild Bjerglund Andersen as a family-owned corporation under the management of an external board.
FACTS: About Kingspan Group
- Kingspan Group is a listed company founded in Ireland in 1965. Founder Eugene Murtagh remains chairman of the board, while his son Gene Murtagh is CEO.
- Kingspan is leading producer of high-performance building materials for the global market with activities in over 70 countries and a total of approx. 15,500 employees.
- The group has five main business divisions: Insulated Panels, Insulation (where Troldtekt will belong as the only acoustic company), Light + Air, Water & Energy, Data & Flooring Technology.
- Under the auspices of the program Planet Passionate, Kingspan works with ambitious climate goals. Among other things, to have zero company waste to landfill by 2030 and having net zero carbon emissions from manufacturing by 2030.