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| WWW.NOMACOINSULATION.COM | WWW.KFLEXUSA.COM |
(YOUNGSVILLE, NC -- January 10, 2008) – Nomaco Insulation and L’Isolante K-Flex today announced the separation of the joint-venture partnership in Nomaco K-Flex, a US manufacturer of elastomeric pipe insulation products. Milan-based L’Isolante K-Flex has purchased Nomaco’s interest in Nomaco K-Flex and will change the name of the company to K-Flex USA.
“Recognizing that the partnering companies have different long-term strategies in the marketplace, we realized the need to separate our businesses going forward,” explained Scott Edwards, former president of Nomaco K-Flex and current president of Nomaco Insulation.
K-Flex USA will manufacture elastomeric products and serve North American markets with the brands K-Flex LS and InsulTube. Giuseppe Guarino, former CFO of Nomaco K-Flex, is now president of the new K-Flex USA.
Nomaco Insulation will continue as a separate entity, providing polyolefin products to the North American market through the brands: Nomaco, Imcoa and therma-cel. Nomaco Insulation will also continue to sell the elastomeric brand FlexTherm, manufactured by K-Flex USA, to its current Buy/Sell channel.
Both companies anticipate future growth as they move forward with different areas of focus. K-Flex USA will concentrate on increasing the use of elastomeric products throughout the commercial insulation market. “We see enormous opportunities for growth ahead as we focus solely on elastomeric insulation,” said Guarino.
At the same time, Nomaco Insulation will be dedicating resources to develop new polyolefin insulation products for plumbing and hot/cold water applications. “With 100% of Nomaco Insulation’s research and development efforts dedicated to creating the next generation of polyolefin products, we are excited about our future growth potential,” said Edwards.
The dissolution of the joint venture will not impact operations of the companies. While under a different name, K-Flex USA will continue to be headquartered in the existing elastomeric manufacturing facility in Youngsville, NC. Nomaco Insulation will be based in Wake Forest, NC, with products produced in manufacturing facilities located in North Carolina and Oklahoma.
Nomaco Insulation was created in 1995 as the insulation-focused division of Nomaco Inc, which began producing polyolefin insulation in 1979. Today, Nomaco Insulation operates under the guidance of Noel Group, a privately-owned industrial holding company that manages a variety of manufacturing companies specializing in the transformation of engineered synthetic materials. Additional Noel Group companies include Nomaco, Spongex LLC, Nomacorc, Focal Point Architectural Products, and Jyco Europe.
K-Flex USA is the US-based extension of L’Isolante K-Flex, the Milan-based manufacturer of elastomeric insulation products and accessories. L’Isolante K-Flex, the leading manufacturer of elastomer insulations world-wide with operations in China, Poland, India, Turkey, Italy, and Russia, has been manufacturing elastomeric products since 1989.
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