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KNAUF Insulation Holding (KI) has signed an agreement with Exeed Industries (Exeed) to acquire a holding in its subsidiary, Exeed Insulation, which will operate as a joint venture between Exeed and KI, under the latter’s management.
Exeed Insulation currently operates a newly-built glasswool insulation plant in the ICAD One Musaffah in Abu Dhabi. In addition to assuming management control of the business, Knauf Insulation said it will also inject state-of-the-art production know-how and technology, including Ecose technology, to ensure that the plant produces the highest quality glass mineral wool and becomes the lowest cost glasswool plant in the region. Following completion of the transaction, the business will be renamed Knauf Exeed Insulation and managed by Thorsten Dambly, formerly general manager, Austria and Switzerland, for Knauf Insulation.
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