Flexible insulation and engineering foams specialist Armacell (Luxembourg; www.armacell.com) has reported a year-on-year increase of 9.6% in operating profit (EBITDA) in 2014 to EUR 71.2m. Sales in the year rose by 8.8% to EUR 452m. The company said that the gains were driven by growth in the construction and HVAC business as well as the increasing demand for the substitution of existing insulation with high-performance materials.

The company added that a number of other factors, including continuing urbanisation, were assisting in driving the requirement for improved energy efficiency and a renewed focus on noise protection. Armacell CEO, Patrick Mathieu, said: “2014 was a successful year for Armacell. Our profitable growth in both our business segments and across all of our regions underlines the significance of our consistent international growth strategy.”

Sales increased in both of the company’s business segments. The advanced insulation business saw sales increase by 8.9% to EUR 356m and accounted for 79% of overall sales. In the engineered foams segment sales also increased by 8.9% to EUR 94.6m.

In the first quarter of the year Armacell acquired South Korean Armatech, a long-time distribution partner and provider of engineered foams for the heating, sanitation and air conditioning industry – see Plasteurope.com of 06.03.2014. The company continued to pursue its international growth strategy in the first quarter of 2015 with the acquisition of Turkish insulation materials manufacturer OneFlex – see Plasteurope.com of 09.02.2015.

The company now operates 22 manufacturing plants in 15 countries on four continents. In recent years, it has expanded its presence with production sites in China, Thailand, India, Brazil, Saudi Arabia, South Korea and, since 2015, Turkey and Canada.