Annual Report 2018

Opening new horizons

At Armacell, innovation is our heritage. This pioneering spirit is making progress happen in conserving energy and working towards a circular economy. We are committed to optimising energy efficiency in technical equipment, expanding into adjacent insulation markets, closing the loop to use resources more sustainably, and collaborating to advance science and technology. Our passion is opening new horizons.

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Driving innovation

Our mission is derived from Armacell’s corporate vision of being a global leader in innovative technical insulation solutions and components to conserve energy and make a difference around the world. In practical terms, for us innovation is a differentiator. Innovation delivers new technologies with superior and reliable premium products as the outcome. And innovation makes Armacell a benefit leader for best-in-class equipment insulation solutions.

Innovation is our accelerator.

Working towards a circular economy

Armacell offers a wide range of environmentally friendly solutions based on 100% recycled polyethylene terephthalate (PET). Until today, more than 1 billion PET bottles have been re-used to produce ArmaForm® products. Our green foams made from post-consumer PET are installed, for example, in the rotor blades of wind turbines. Instead of a service life of just weeks, our PET foam cores endure several decades.

From throw-away to lasting value.

Advancing science and technology

Armacell is supporting pioneering projects from the field of science and technology to overcome the frontiers of knowledge through leading-edge research, to test its own products in demanding environments and to promote sustainability.

Heading for the future.

Making progress happen

Our Advanced Insulation products meet the demand for insulating equipment in markets where energy distribution matters. Our Engineered Foams business focusses on semi-finished and finished products with insulating and mechanical properties for a broad range of applications across multiple end markets. 

Insulating the future.

Letter from the CEO


OPENING NEW HORIZONS is the theme of our annual report and a good reflection of our achievements in 2018. As a global, multi-materials and multi-solutions company in a constantly evolving world, we have extended our global leadership in the equipment insulation market and as a leading provider of engineered foams. 2018 was a year of significant investments and innovations – together new horizons – that have strengthened and are continuing to strengthen our business. I am confident that our resilient, capital-efficient and customer-focused business model will continue to deliver sustainable growth in 2019 as it did in the year under review.

Read the whole letter from our CEO

Our strategy

At Armacell, we continuously focus on creating sustainable value for our highly diversified global customer base. Our vision is to be the global leader in providing innovative, technical insulation solutions and components to save energy and make a difference around the world. We have a long track record of growth, superior profitability and cash generation orchestrated by a proven management team who have positioned Armacell as the trusted partner in the energy conservation market.

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Our people

Dedicated, highly qualified and employees of integrity are our most valuable resource. We motivate them, develop their talents and further their skills through multiple training opportunities. As a global company, we strive to create and maintain a positive, healthy and safe working environment. Our employees, for their part, are encouraged to cultivate a performance-oriented climate of mutual respect, trust and reliability.

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Health, safety and our environment

At Armacell, the health and safety of our employees comes first. We promote a zero accident mindset. In line with our corporate value of Commitment, we do all we can to ensure our people go home to their family and friends as fit and well as they arrive at work. To this end, we strive for adherence to all applicable occupational health and safety standards in the countries we do business in. A key aspect of our corporate philosophy and business strategy is our commitment to environmental protection, which ties in with our corporate value Sustainability. We measure our success by the added value our innovative solutions deliver to a wide range of industries – benefits of societal and ecological significance.

Health, safety and our environment.

Social activities

At Armacell, we are aware of our social responsibility to the local communities of more than a hundred countries we do business in. Through a wide variety of corporate volunteering projects, our employees are making a difference around the world.

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Financial results 2018

  • Net sales and adjusted EBITDA at all time high
  • Adjusted EBITDA margin of 17.4%
  • Significant strategic investments made to fuel future growth and profitability
  • Sustainable profitable growth is and remains Armacell’s core focus
  • Expansion of the Group’s market position across all regions, confirming position as technology leader
  • Diversified global presence as a multi-materials and multi-product company 

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