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Section Unlisted Sector CONSTRUCTION & MATERIALS Sales
-1% Profit 4% Score C
Sales 23,255 23,357 23,765 23,167 22,640
Operating Income 1,601 1,056 610 872 430
Operating Income 7% 5% 3% 4% 2%

(Consolidated)(M yen)

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Established 1987
No. of employees 340
Mission 'Comfort and ecology with insulation'

MAG-ISOVER is a glass wool manufacturer which was founded by joint investment from Taiheiyo Cement and NSG.

Since 2010, they have been a subsidiary of Saint Gobain group which is a French company of general construction products, and leading Japanese insulation market.
Business summary They sell glass wool for thermal insulation use in residential segment and thermal and acoustic one in non-residential segment. The proportion of residential and non-residential is about 70:30.

Recently, they have been pushing product diversification through launching air-tightness products which are installed at the same time of glass wool.

As for the financial result, their sales have stopped to grow and the operating profit ratio has been decreasing year by year.
Future plan MAG-ISOVER, which is in the insulation market in the construction market, has been strongly affected by the number of new construction starts.

While the new construction is supposed to decrease more in middle and long term in Japan, MAG-ISOVER might be facing to the necessity of the shift of business in order to depend less on the new construction.

It might be the development of renovation market, the increase of use of insulation per building, and the conversion of business model.
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