Tag: PR Newswire

ISS Validates Elliott’s Case for Change and Recommends Nominees Brian Coffman, Sigmund Cornelius, Michael Heim and Stacy Nieuwoudt

Notes Phillips 66’s “Disappointing” Operating Performance, “Selective Disclosure, Unverifiable Claims About Various Operational Successes, and Ambiguous and Vague Responses to Otherwise Basic Questions”

Cites the Board’s “Failure” to Ensure Strong Governance and Board Oversight as Evidence of the Company’s “Disconnect from Shareholders”

All Three Proxy Advisory Firms – ISS, Glass Lewis and Egan-Jones – Have Now Endorsed Elliott’s Case for Change at Phillips 66 

WEST PALM BEACH, Fla., May 12, 2025 /PRNewswire/ — Elliott Investment Management L.P. (“Elliott”), which manages funds that together make it a top-five shareholder in Phillips 66 (NYSE: PSX) (the “Company” or “Phillips”), today announced that leading independent proxy advisory firm Institutional Shareholder Services Inc. (“ISS”) has recommended that shareholders support all four of Elliott’s nominees: Brian Coffman, Sigmund Cornelius, Michael Heim and Stacy Nieuwoudt.

ISS’s report follows reports issued by Glass, Lewis & Co., LLC (“Glass Lewis”) and Egan-Jones Ratings Company (“Egan-Jones”), both of which also advised shareholders to support meaningful boardroom change at Phillips 66. Shareholders will have the opportunity to vote for the election of Elliott’s nominees to the Company’s Board of Directors (the “Board”) at the 2025 Annual Meeting of Shareholders (the “Annual Meeting”) on May 21, 2025.

Elliott stated:

“By recommending that Phillips 66 shareholders vote for all four Elliott nominees, ISS has now fully validated Elliott’s case for change – making clear that the status quo at the Company has failed to serve shareholders. Notably, ISS cited Phillips 66’s disappointing operating performance, poor corporate governance and ‘track record of providing selective and ambiguous disclosure’ as reasons to support Elliott’s ‘strong slate.’ With all three proxy advisory firms having endorsed Elliott’s case, it is clearer than ever that urgent and meaningful change is needed in the Phillips 66 boardroom. In our view, electing all four of Elliott’s independent, highly qualified nominees represents the surest step toward restoring accountability and driving improved long-term performance at Phillips 66.”

In its report, ISS supported Elliott’s case for change at Phillips 66, stating:

• “In summary, the dissident has assembled a strong slate, which has the experience and independence that PSX requires.”
• “Operating performance has been disappointing, particularly when considered alongside management’s messaging. The big picture is that PSX has not been able to sustain improvements or contend with market volatility effectively. This is clearly reflected in vacillating performance over the past three years, which culminated in deterioration relative to peers in 2024. It has also become increasingly evident that there is a disconnect between communication and results.”
• “The board’s [decision to combine the Chair and CEO roles] evidences a disconnect from shareholders, and undermines the argument about its commitment to ensuring strong corporate governance and board oversight.”

ISS criticized the Board’s performance and strategy, noting:

• “…the data does not support the board’s argument that the integrated strategy results in superior returns over the long-term…”
• “PSX has established a track record of providing selective and ambiguous disclosure that obfuscates results, makes it difficult to assess decisions, and creates impediments to evaluating performance. All in, it is difficult to view turnaround efforts since the CEO transition as successful.”
• “…despite claims that PSX has made significant improvements since the CEO transition, the refining segment has struggled more than peers to contend with shifting market conditions. These and other concerns have been reflected in TSR. Returns have been positive, but PSX began underperforming refining peers in mid-2021, and has not been able to close the gap.”
• “PSX has also struggled over all historical measurement periods relative to midstream peers. Communication with investors has provided minimal assurance about these concerns. Instead, PSX has presented shareholders with selective disclosure, unverifiable claims about various operational successes, and ambiguous and vague responses to otherwise basic questions. In other words, shareholders cannot adequately assess the strategy or performance.”

ISS detailed the Board’s poor corporate governance and misguided refreshment efforts, writing:

• “…there are serious concerns with the manner in which the board communicates important financial information to shareholders. This is part of a broader pattern that is also reflected in evasive maneuvers and defensive statements made by the board during this proxy contest.”
• “When the dissident went public in November 2023, the majority of the most relevant refining and midstream experience on the board was concentrated in the hands of the legacy directors. The settlement should have been the first step in addressing this defect. On Feb. 13, 2024, the board appointed Robert Pease. He was expected to be the first of two additions made in cooperation with the dissident. Instead, he was the only one, and his alignment with the board has become an important point in this contest.”
• “Although the board has been reshaped since the pandemic, important industry perspectives have been overlooked, and there is strong evidence that the board is not willing to exercise independent oversight of management. The addition of Pease could have been the first step toward addressing these deficiencies. However, his decision to support the recombination of the chair and CEO positions raises questions about whether he is an independent voice on the board. Lowe is a member of the legacy cohort, which has failed to support appropriate corporate governance and has overseen sustained underperformance.”

ISS also outlined the benefits of adding Elliott’s nominees to the Board, stating:

• “Coffman and Heim offer focused experience in refining and midstream operations, which makes them logical additions. Cornelius has a well-rounded perspective of the industry, which includes senior leadership positions and extensive board service. Thus, he would not only fortify the board’s independent industry experience, but he could provide a valuable perspective if PSX considers a separation of the midstream segment.”
• “…Nieuwoudt offers an important perspective through her experience as an industry investor and analyst. With her background and independence, she should be able to begin repairing PSX’s credibility, which has been damaged through years of suboptimal communication with investors.”

Independent proxy advisory firm Glass Lewis also recently confirmed Elliott’s case for change, stating:

• “In our view, the more compelling case is offered by Elliott, in this case by a relatively decisive margin.”
• “…we believe the core argument that P66 has failed to drive compelling shareholder returns or a differentiated valuation as an extension of management’s pursuit of further integration is fundamentally sound. We further consider Elliott lands much more effective ripostes on matters of cost management, synergy value and capital allocation, crimping core tenets of P66’s defense.”
• “These issues stack on what we consider to be fairly disconcerting corporate governance considerations, including a dubious commitment to good faith engagement, a questionable and counterproductive realignment of key oversight roles and a late-stage candidate pivot which seems to call into question the board’s prior candor. These issues should, in our view, be of significant concern to P66 investors.”
• “Narrative friction is at the fore, in our view, as the board firmly asserts that significant steps toward integration have been successful and ‘will continue to drive long-term value’ for investors. On review, this perspective appears disconcertingly disconnected from the boots-on-the-ground reality: P66 has regularly run afoul of market expectations, has not generated competitive value during the span of Mr. Lashier’s executive service…”

Egan-Jones has also recommended support for all four of Elliott’s nominees, writing that:

• “…Elliott’s nominees possess a strong mix of best-in-class industry expertise and experience and have the potential to unlock value for shareholders…”
• “Phillips 66’s current conglomerate structure appears to be suboptimal for sustained financial growth. We agree with the dissidents that a strategic shift towards refocusing on its core assets, particularly within the refining segment, is necessary to drive improved performance and value creation.”
• “Currently, the Company has a combined Chairman and CEO leadership structure, a classified board, and over-tenured directors. A plethora of these problematic governance practices appear to be a driving force in the Company’s underperformance. We believe that addressing these structural issues would enhance accountability and exercise of the directors’ fiduciary duties.”

For more information, including how to vote on Elliott’s GOLD proxy card, please visit Streamline66.com.

ADDITIONAL INFORMATION

Elliott Investment Management L.P., together with the other participants in Elliott’s proxy solicitation (collectively, “Elliott”), has filed a definitive proxy statement and accompanying GOLD universal proxy card with the Securities and Exchange Commission (“SEC”) to be used to solicit proxies with respect to the election of Elliott’s slate of highly qualified director candidates and the other proposals to be presented at the 2025 annual meeting of stockholders (the “Annual Meeting”) of Phillips 66, a Delaware corporation (“Phillips” or the “Company”). Stockholders are advised to read the proxy statement and any other documents related to the solicitation of stockholders of the Company in connection with the Annual Meeting because they contain important information, including information relating to the participants in Elliott’s proxy solicitation. These materials and other materials filed by Elliott with the SEC in connection with the solicitation of proxies are available at no charge on the SEC’s website at http://www.sec.gov. The definitive proxy statement and other relevant documents filed by Elliott with the SEC are also available, without charge, by directing a request to Elliott’s proxy solicitor, Okapi Partners LLC, at its toll-free number (877) 629-6357 or via email at info@okapipartners.com. 

About Elliott

Elliott Investment Management L.P. (together with its affiliates, “Elliott”) manages approximately $72.7 billion of assets as of December 31, 2024. Founded in 1977, it is one of the oldest funds under continuous management. The Elliott funds’ investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, high net worth individuals and families, and employees of the firm. 

Media Contact:
Casey Friedman 
Elliott Investment Management L.P. 
(212) 478-1780
cFriedman@elliottmgmt.com

Investor Contact: 
Bruce Goldfarb / Pat McHugh
Okapi Partners LLC
(877) 629-6357
(212) 297-0720
info@okapipartners.com

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SOURCE Elliott Investment Management L.P.

VANCOUVER, BC, May 12, 2025 /PRNewswire/ – Galiano Gold Inc. (“Galiano” or the “Company”) (TSX: GAU) (NYSE American: GAU) is pleased to announce the release of its 2024 Sustainability Report (the “Report”), covering both its corporate office and the Asanko Gold Mine (the “AGM”). This Report focuses on the Company’s continuous progress on its environmental, social, and governance performance and outlines its vision for sustainability going forward.

2024 Sustainability Report Highlights:

Environment

• Zero significant environmental incidents.
• 57.54 ha of land under active rehabilitation.
• 18% of AGM’s electrical energy needs met by renewable sources (solar).

Social, Health & Safety

• Esaase Social Responsibility Fund operationalized.
• 99.8% AGM Ghanaian workforce.
• 360 Ghanaian businesses supported.
• 2,500 community members included in free health screening campaigns.

Governance

• Human Rights Impact Assessment audit completed.
• Independent Tailings Review Panel key recommendations implemented.

To view or download a copy of the Report, please see the Sustainability section of the Galiano Gold website at https://www.galianogold.com/sustainability/reports-and-publications/default.aspx

About Galiano Gold Inc.

Galiano is focused on creating a sustainable business capable of value creation for all stakeholders through production, exploration and disciplined deployment of its financial resources. The Company owns the Asanko Gold Mine, located in Ghana, West Africa. Galiano is committed to the highest standards for environmental management, social responsibility, and the health and safety of its employees and neighbouring communities. For more information, please visit www.galianogold.com.

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SOURCE Galiano Gold Inc.

New 15-year partnership underscores Globe Life’s commitment to serving youth in local communities

MCKINNEY, Texas, May 12, 2025 /PRNewswire/ — Globe Life Inc. (NYSE: GL) Globe Life is pledging $450,000 to the Sandhills Global Youth Complex in Lincoln, Nebraska. The complex is the most accessible baseball and softball complex in the region, hosting games and tournaments for kids of all backgrounds and abilities.

The Globe Life Ballfield will be dedicated to Homer’s Heroes, a Sandhills Global Youth Complex division for boys and girls with physical or intellectual disabilities.

“This partnership is about providing an exclusive space for kids of all abilities to come and play,” said Jennifer Haworth, Executive Vice President and Chief Marketing Officer. “Globe Life Ballfield grows our legacy of support for youth baseball and softball from the DFW area into Lincoln, and we are excited to see how it can Make Tomorrow Better for the kids who get to play here.”

About Globe Life
About Globe Life: Globe Life (NYSE: GL) is headquartered in McKinney, TX, and has more than 16,000 insurance agents and 3,600 corporate employees. With a mission to Make Tomorrow Better, Globe Life and its subsidiary companies issue more life insurance policies and have more policyholders than any other life insurance company in the country, with more than 17 million policies in force (excluding reinsurance companies; as reported by S&P Global Market Intelligence 2024). Globe Life’s insurance subsidiaries include American Income Life Insurance Company, Family Heritage Life Insurance Company of America, Globe Life And Accident Insurance Company, Liberty National Life Insurance Company, and United American Insurance Company. More information is available at GlobeLifeInsurance.com.

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SOURCE Globe Life Inc.

Elite Golf Society Will Donate Funds to Three Deserving Nonprofits Through the Epic Foundation, Supporting Children and Families in Need

SCOTTSDALE, Ariz., May 12, 2025 /PRNewswire/ — Epic Golf Club, an elite private society connecting the world’s most passionate golfers, has experienced remarkable growth and success since its launch in 2018 that has allowed them to give back to the community in many ways.

Epic Golf Club has grown into a thriving organization with more than 1,000 members, 25 employees, and a global network spanning 46 states and 16 countries. Through its charitable arm the Epic Foundation, Epic Golf Club has raised and distributed nearly $400,000 to qualifying nonprofits since 2022.

The Epic Foundation raises money through a variety of engaging fundraising strategies, with the most impactful being the annual Pro-Am tournament. The highly anticipated 2025 event is scheduled for August 25 at Deepdale Golf Club in Long Island, New York, with a 10 a.m. shotgun start and will close with a dinner and awards ceremony.

Each team is made up of one professional and three amateur golfers. Registration for a foursome is $10,000 and includes a round of golf at Deepdale Golf Club, all food and beverage for the day and tee gifts. The event includes a $5,000 professional purse.

“Our fourth annual Epic Golf Club Pro-Am Tournament is slated to be an enormous success, and we’re honored to make a difference in the lives of so many in need,” said Noah DiPasquale, founder and CEO of Epic Golf Club. “At Epic Foundation, we believe in the power of partnership and purpose. We’re proud to raise funds and uplift charities that spark real, lasting change in our communities.”

“This exclusive event is uniquely open to the public—unlike Epic’s other events, which are private and reserved for members only,” said DiPasquale.

DiPasquale envisioned the Epic Foundation as a platform to fundraise for deserving charities through private golf events and tournament sponsorships. By aligning with organizations whose objectives resonate with Epic Golf Club’s values, Epic Foundation aims to amplify support and resources for these important causes.

The Pro-Am features a number of engaging ways to raise money, including a “beat the pro” challenge on the course, a live online auction featuring golf trips, event tickets and sports memorabilia, as well as a 50/50 raffle.

“The nonprofits that the Epic Foundation has chosen to support all do incredible work to support children and families in need,” said DiPasquale.

Folds of Honor helps provide educational scholarships to families of fallen or disabled service members and first responders. Youth on Course provides young people with access to life-changing opportunities through golf, including the opportunity to play rounds of golf for $5 or less at thousands of golf courses in the U.S., Canada, and Australia. HopeKids provides events, activities and support for families who have a child with a life-threatening medical condition.

In 2024, the event was held in the Hamptons, bringing together golf enthusiasts, professionals, and philanthropic individuals who share the common goal of making a positive impact in the lives of others.

If you would like to attend, you can register for the event here: https://epicfoundation.us/4th-annual-charity-pro-am/

For more information about Epic Golf Club, please visit the website, or follow on Instagram @epicgolfclub.

About Epic Foundation
Epic Foundation (https://epicfoundation.us/) is a 501(c)(3) nonprofit organization founded by Epic Golf Club. The foundation aims to raise monetary donations through private golfing events and tournament sponsorships to support organizations that align closely with its mission. By leveraging the power of golf and the generosity of individuals, Epic Foundation strives to make a positive and lasting impact in the community.

About Epic Golf Club
Epic Golf Club is a private golf society headquartered in Scottsdale, Ariz., that brings together individuals who share a passion for golf to play the best private golf courses in the world. Founded in 2018 by Noah DiPasquale, Epic Golf Club has evolved into a prestigious organization with nearly 1,000 members. With privileges to 80 of the top 100 golf courses in the United States and a unique reciprocal membership model, Epic Golf Club offers its members unparalleled opportunities to play at the finest clubs, creating a network of golfing elite. For more information, visit EpicGolfClub.com.

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SOURCE Epic Golf Club

SALT LAKE CITY, May 12, 2025 /PRNewswire/ — Banner Capital Management, LLC (“Banner”), a private equity firm focused on partnering with founder-led and family-owned businesses in the lower middle market, today announced the appointment of James Reed as an Operating Partner & Senior Advisor.

In this role, Mr. Reed will help lead and coordinate Banner’s value creation efforts in close collaboration with portfolio company leadership. He will also serve as Chairman of Banner’s Operations Group & Advisor Network, and as Executive Chairman of Western Pavement Services, a recently announced Banner portfolio company.

Mr. Reed brings more than 25 years of experience in executive and financial leadership across industries including transportation, technology, and financial services. His past roles include leadership positions at Walmart, Intel, EMC, T-Mobile, and J.P. Morgan Chase.

He previously led publicly traded USA Truck, where he spent nearly six years as Chief Executive Officer and served as Chief Financial Officer prior to that. During his tenure, he led a successful turnaround of the business, culminating in the company’s acquisition by German transportation firm D.B. Schenker in September 2022.

He holds an MBA in Finance from Brigham Young University.

“We’re thrilled to welcome James to our team,” said Tanner Ainge, Founder & CEO of Banner. “At Banner, our top priority is to be true partners—supporting management teams with new challenges while preserving the unique characteristics that have made them successful historically. That means taking a collaborative and customized approach to value creation. James brings the experience, humility, and leadership style that aligns with this philosophy.”

“I’m passionate about making a positive impact and helping others reach their full potential,” said Mr. Reed. “At this stage in my career, I’m excited to work with the Banner team and its portfolio companies—particularly those embarking on their first chapter with institutional capital. I look forward to helping these businesses grow and create enduring value.”

About Banner
Banner Capital Management, LLC is a private equity firm focused on investing in family-owned and founder-led businesses in the Western United States. The firm targets the services, consumer, industrial and healthcare sectors. As of December 31, 2024, the firm has $522.5 million in assets under management (AUM).

For more information, visit www.bannercap.com.

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SOURCE Banner Capital Management

GRAND RAPIDS, Mich., May 12, 2025 /PRNewswire/ — Meijer is dropping prices on more than 70 Meijer brand grocery essentials this summer to help customers who continue to feel the pinch of inflation. Items included in the 10-week promotion, which offers discounts up to 60 percent off, include Meijer brand food and drinks popular with Midwest families during the summer months: hot dog and burger buns, potato chips, lemonade, freezer pops, ingredients to make s’mores and canned goods for summer picnics like baked beans.

“Meijer understands customers are looking for value now more than ever before, especially during the summer months of cookouts, camping, and kids home from school,” said Don Sanderson, Chief Merchandising & Marketing Officer. “This promotion underscores our dedication to bringing ‘more good to life’ at great prices, ensuring families can find affordable and reliable options across every aisle.”  

Discounted prices are valid from May 11 through July 19. A few of the Meijer brand items included in the summer promotion include:

• Freezer pops, 24-pack: $1.99
• Graham crackers: $2
• Chocolate bar 6-pack: $4
• Marshmallows: $1
• Quenchers enhanced water, 1-liter: $0.69
• Hot dog and hamburger buns, 8-count: $1.39
• Bottled purified water 24-pack: $2.99
• Lemonade, 52 oz.: $1.99
• Canned maple cured baked beans, 28 oz., $1.69

For additional savings, Meijer encourages customers to use mPerks, the Meijer app that allows customers to earn points on every dollar spent. These points can be redeemed for in-store coupons or used for additional savings on fuel at Meijer Express gas stations. Additionally, the mPerks program allows customers to earn savings on the products they purchase most in the “hand-picked offers” section of coupons in the app. Customers can find all items included in the promotion at meijer.com.

About Meijer: Meijer is a privately owned, family-operated retailer that serves customers at more than 500 supercenters, grocery stores, neighborhood markets, and express locations throughout the Midwest. As the pioneer of the one-stop shopping concept, more than 70,000 Meijer team members work hard to deliver a friendly, seamless in-store and online shopping experience featuring an assortment of fresh foods, high-quality apparel, household essentials, and health and wellness products and services. Meijer is consistently recognized as a Great Place to Work and annually donates at least 6 percent of its profit to strengthen its communities. Additional information on the company can be found by visiting newsroom.meijer.com. 

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SOURCE Meijer

Employee competition leads to support of technical programs at nine local high schools

SOUTHFIELD, Mich., May 12, 2025 /PRNewswire/ — DENSO, a leading mobility supplier, announced that DENSO Manufacturing Athens Tennessee, Inc. (DMAT), has donated $9,000 to local high schools, giving each $1,000 to support their Science, Technology, Engineering and Math (STEM) programs.

The recipient schools include:

• Lenoir City High School
• Meigs County High School
• McMinn Central High School
• McMinn County High School
• Polk County High School
• Sequoyah High School
• Sweetwater High School
• Tellico Plains High School
• Walker Valley High School

As one of the world’s largest automotive suppliers, DENSO strives to foster a work environment that prioritizes safety, collaboration and quality.

Last year, as part of DMAT’s continuous efforts to improve metrics in those focus areas, the location launched a friendly competition among internal teams. It centered on a simple idea: the better your group performed, the more your group could raise up to $1,000 for local high school STEM programs.

Motivated to deliver for each other and local students, each team hit their key metrics by the conclusion of the year-long competition this spring. As a result, DMAT awarded the full donation amounts to the recipient schools on behalf of its employees.

“This competition represents the best of DENSO – our teams working together to not only continuously improve, but also support the communities where we live and work,” said Steven Hayes, director of Manufacturing at DMAT. “We are grateful to channel the success of the project into a positive outcome for local schools and do our small part in contributing to technical education. These schools, and their STEM programs, are vital to preparing future innovators.” 

DENSO is always looking for ways to give back to the places it calls home, including in and around Athens. DMAT is a supporter of the United Way of McMinn and Meigs County, The East Tennessee Japanese School, Adopt-A-School programs, and other local initiatives.

DMAT has produced leading powertrain parts and systems in Athens for more than 20 years. In October 2024, DENSO announced a $100 million expansion at the location that would enhance its ability to produce a wider range of solutions, such as DENSO’s heating, ventilation and air conditioning (HVAC) product.

If interested in opportunities at a leading supplier committed to making a difference in its communities, visit DENSO’s career page.

About DENSO 
Globally headquartered in Kariya, Japan, DENSO is a $47.9 billion leading mobility supplier that develops advanced technology and components for nearly every vehicle make and model on the road today. With manufacturing at its core, DENSO invests in around 180 facilities worldwide to provide opportunities for rewarding careers and to produce cutting-edge electrification, powertrain, thermal and mobility electronics products, among others, that change how the world moves. In developing such solutions, the company’s 158,000 global employees are paving the way to a mobility future that improves lives, eliminates traffic accidents, and preserves the environment. DENSO spent around 8.6 percent of its global consolidated sales on research and development in the fiscal year ending March 31, 2025. For more information about DENSO’s operations worldwide, visit https://www.denso.com/global/en/. 

In North America, DENSO is headquartered in Southfield, Michigan, and employs 27,000+ team members across nearly 50 sites in the U.S, Canada and Mexico. In the fiscal year ending March 31, 2025, DENSO in North America generated $12.5 billion in consolidated sales. To learn more about DENSO operations in the region and explore career opportunities, please visit https://www.denso.com/us-ca/en/. 

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SOURCE DENSO

BANGALORE, India, May 12, 2025 /PRNewswire/ — Thermal Insulation Material Market is Segmented by Type (Glass Wool, Stone Wool, PU Foam, Polyisocyanurate), by Application (Flat Roof, External Wall, Internal Wall).

The Global Thermal Insulation Material Market was valued at USD 74590 Million in the year 2024 and is projected to reach a revised size of USD 110800 Million by 2031, growing at a CAGR of 5.9% during the forecast period.

Claim Your Free Report: https://reports.valuates.com/request/sample/QYRE-Auto-36B13787/Global_Thermal_Insulation_Material_Market.

Major Factors Driving the Growth of Thermal Insulation Material Market:

The thermal insulation material market is experiencing notable growth due to increasing global emphasis on energy conservation, sustainability, and cost-effective infrastructure development. Rising energy costs and strict government regulations are encouraging builders and industries to invest in high-performance insulation materials.

Key segments such as stone wool, polyurethane foam, and glass wool are widely adopted in residential, commercial, and industrial applications for their excellent thermal resistance and fire safety properties. The surge in green building initiatives and retrofitting of aging infrastructure in developed economies is also contributing to market expansion. Furthermore, developing countries are witnessing a construction boom fueled by urbanization, which increases demand for affordable and efficient insulation solutions.

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TRENDS INFLUENCING THE GROWTH OF THE THERMAL INSULATION MATERIAL MARKET:

Stone wool plays a crucial role in driving the thermal insulation material market due to its superior fire resistance, soundproofing capabilities, and thermal performance. Derived from volcanic rock, stone wool offers high durability and can withstand high temperatures, making it ideal for applications in industrial buildings, residential construction, and commercial structures. Its inert composition also prevents the growth of mold or mildew, enhancing indoor air quality and long-term safety. The material’s recyclability further boosts its market appeal amid rising environmental concerns. With stricter building energy efficiency standards worldwide, construction companies increasingly opt for stone wool to ensure compliance, energy savings, and occupant safety, thereby fueling its consistent market expansion.

Polyurethane (PU) foam and glass wool are major contributors to the growth of the thermal insulation material market owing to their energy-saving performance and ease of installation. PU foam offers one of the lowest thermal conductivity values, making it highly effective for HVAC systems, refrigerated buildings, and exterior insulation. Meanwhile, glass wool, made from recycled glass, is widely used in wall cavities, roofs, and ceilings due to its lightweight and sound-absorbing nature. These materials support energy-efficient construction, a top priority in both new buildings and retrofitting projects. Their affordability and wide availability make them especially attractive for residential developers, significantly bolstering demand across global insulation applications.

Internal wall insulation contributes significantly to the thermal insulation material market by offering a cost-effective way to improve the energy efficiency of existing buildings without altering external aesthetics. It is especially valuable in urban retrofitting projects where external modifications are restricted due to heritage preservation or building codes. Internal wall insulation reduces heat loss and enhances thermal comfort, leading to lower energy bills and improved indoor living conditions. Governments and environmental bodies are increasingly promoting such energy-saving upgrades through incentives and mandates. This rising demand for energy-efficient renovations, especially in aging residential and commercial infrastructure, reinforces the expansion of the internal wall insulation segment in the market.

Rising enforcement of energy efficiency regulations by governments across the globe significantly drives the thermal insulation material market. Building codes now increasingly mandate the use of effective insulation materials to reduce heating and cooling loads. Regions like Europe and North America have introduced strict standards under initiatives such as the Energy Performance of Buildings Directive (EPBD) and LEED certification. These policies encourage both builders and homeowners to invest in insulation solutions like stone wool, glass wool, and polyurethane foam to meet compliance. As governments aim to cut carbon emissions and achieve net-zero targets, insulation adoption becomes a critical strategy in the broader energy conservation framework.

The rapid pace of urbanization in developing regions fuels construction activity, thereby driving the need for efficient insulation materials. Expanding cities require new housing, commercial spaces, and infrastructure that comply with thermal efficiency norms. With increased focus on smart cities and sustainable architecture, the demand for modern insulation systems has surged. Countries like China, India, and Indonesia are witnessing large-scale infrastructure projects, including residential complexes, public transport hubs, and commercial towers—all requiring insulation for thermal regulation. This construction boom creates sustained demand for materials like stone wool, PU foam, and reflective insulation to improve energy performance and reduce operational costs.

Industrial sectors such as oil & gas, chemicals, and power generation require high-temperature insulation materials to ensure operational safety and energy savings. Thermal insulation is crucial in maintaining process efficiency by minimizing heat loss from boilers, reactors, and pipes. Stone wool and ceramic fibers are widely used in such environments due to their heat resistance and structural stability. Additionally, these materials help industries comply with occupational safety standards and reduce energy consumption. As industrial output continues to grow globally, particularly in Asia-Pacific and the Middle East, the demand for robust insulation materials tailored for harsh conditions continues to escalate.

Aging buildings in developed regions are being retrofitted to meet modern energy efficiency standards, creating a renewed demand for thermal insulation materials. Older structures often suffer from inadequate or degraded insulation, resulting in high energy bills and poor indoor comfort. Renovation programs funded by governments and green initiatives focus on upgrading thermal performance through internal wall insulation, roof insulation, and floor systems. This segment particularly benefits materials like mineral wool and expanded polystyrene due to their ease of application in retrofit contexts. The growing interest in revamping outdated infrastructure fuels consistent growth in the insulation market across mature economies.

Thermal insulation materials play a vital role in the cold chain logistics sector, where temperature-sensitive goods such as pharmaceuticals, food, and chemicals require constant thermal regulation. Polyurethane foam is widely used in refrigerated trucks, cold storage rooms, and thermal containers due to its low thermal conductivity and lightweight properties. The post-pandemic surge in vaccine distribution and global expansion of online grocery and pharmaceutical delivery has intensified the demand for insulated transport infrastructure. This trend is expected to persist with increasing globalization and urban consumption, making cold chain insulation a stable and expanding application area for thermal insulation materials.

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THERMAL INSULATION MATERIAL MARKET SHARE 

Asia-Pacific leads the thermal insulation material market owing to rapid construction growth, increasing industrial activities, and supportive government regulations. China and India dominate in infrastructure and urban development, driving demand for energy-efficient buildings. In North America and Europe, market growth is driven by retrofitting initiatives, stringent energy codes, and the rising adoption of green buildings.

Key Companies:

• Saint-Gobain
• Kingspan Group
• Rockwool International
• Johns Manville
• Owens Corning
• Knauf Insulation
• DowDuPont
• Paroc Group
• GAF
• Huntsman International
• Byucksan Corporation
• Atlas Roofing
• Jia Fu Da
• Lfhuaneng
• Beipeng Technology
• Taishi Rock
• Cellofoam
• BNBM Group

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NORTH BETHESDA, Md., May 12, 2025 /PRNewswire/ — Choice Hotels International, Inc. (NYSE: CHH), one of the world’s largest lodging franchisors, is proud to announce the release of its 2024 Sustainability Report.

“At Choice Hotels, we are dedicated to building a better tomorrow, today, by integrating sustainable practices across our business,” said Megan Brumagim, Vice President, Upscale Brands and Chief Sustainability Officer for Choice Hotels International. “Our 2024 Sustainability Report highlights our commitment to reducing our environmental footprint and driving long-term value for hotel owners. We are proud of the progress we’ve made and remain energized to continue our journey towards a more sustainable tomorrow.”

Key Highlights of the 2024 Sustainability Report

Carbon Emissions: Choice Hotels has reported its Scope 3 greenhouse gas emissions for the first time, alongside Scope 1 and 2 emissions.  Choice has calculated its full greenhouse gas inventory as an important step towards fulfilling its commitment to set science-based targets.

National Parks Foundation: Choice Hotels also announced a collaboration with the National Park Foundation (NPF). Choice will contribute $150,000 through an annual donation to the foundation and has launched a new feature that allows Choice Privileges members to convert points into donations. The partnership aligns strategically with Choice’s branded hotel footprint, with 95% of U.S. hotels located within a 90-minute drive of a national park, and its guests’ affinity for visiting national parks. The partnership will also allow Choice to contribute to NPF’s mission of supporting and enhancing America’s national parks for present and future generations.

Your Community, Your Choice: In 2024, Choice’s “Your Community, Your Choice” grant program celebrated its fifth anniversary, donating a total of $275,000 to local nonprofits since its inception. The 2024 grant recipients include organizations that address food security, veteran support, aid for abuse and trafficking victims, youth education, animal shelters, and more. Through this program, Choice supports causes that are meaningful to hotel owners by offering grants to local organizations.

Awards and Recognitions: Choice Hotels has been honored with several awards in 2024, including:

• Recognized as one of America’s Most Responsible Companies in 2025 by Newsweek and Statista, underscoring Choice Hotels’ dedication to making a positive global impact through its various sustainability initiatives.
• Received an inaugural 2024 World Sustainable Travel & Hospitality Award for the installation of CarbinX at the Radisson Blu Mall of America in Minnesota, in collaboration with CleanO2, making it the first hotel in the world equipped with this technology that sequesters CO₂ emissions.
• Honored with the PACT Freedom Award for its leadership and innovative approach to help prevent human trafficking.

To download Choice Hotel’s 2024 Sustainability report, please visit: https://investor.choicehotels.com/overview/default.aspx 

Subscribe to receive Choice Hotels news updates via email here.

About Choice Hotels^® 
Choice Hotels International, Inc. (NYSE: CHH), is one of the largest lodging franchisors in the world, with over 7,500 hotels, representing nearly 650,000 rooms, in 46 countries and territories. A wide-ranging portfolio of 22 brands that includes full-service upper upscale, midscale, extended stay, and economy properties enables Choice^® to meet travelers’ needs in more places and for more occasions while driving more value for franchise owners and shareholders. The award-winning Choice Privileges^® rewards program and co-brand credit card options provide members with a fast and easy way to earn reward nights and personalized perks. For more information, visit www.choicehotels.com.

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SOURCE Choice Hotels International, Inc.

• No busbars, no limits: Astronergy showcases ZBB-powered solar breakthroughs in Munich

MUNICH, May 12, 2025 /PRNewswire/ — At Intersolar Europe 2025, Astronergy reaffirmed its leadership in solar innovation and international collaborations by debuting cutting-edge modules featuring newly upgraded n-type solar cell technology and zero-busbar (ZBB) solar products, alongside strategic partnerships that strengthen its European footprint.

The company’s flagship ASTRO N7 and N7s modules were at the center of attention, designed for next-level performance across diverse application scenarios. With Astronergy’s latest generation of TOPCon 5.0 technology, these modules deliver higher efficiency, better temperature coefficients, and optimized LCOE performance.

ASTRO N7 and N7s lineup incorporates Astronergy’s proprietary ZBB cell technology, which replaces traditional front-side busbars with advanced non-visible contact structures, maximizing light absorption, reducing shading losses, and improving overall module aesthetics and reliability.

As one of the industry’s most forward-looking technologies, ZBB represents a key advancement in solar cell architecture, supporting thinner metallization, better current collection, and a lower risk of microcracks. By combining ZBB and TOPCon 5.0, Astronergy delivers a next-generation solution that meets the growing demand for high efficiency and long-term durability, especially under challenging field conditions.

Notably, the ASTRO N7s products stood out for their electrical performance, as well as for their outstanding mechanical durability. The products recently passed TÜV NORD’s rigorous high mechanical load and TÜV Rheinland HW4 hail impact tests, validating their reliability in extreme weather environments — a key advantage for markets across Europe and high-latitude regions.

“Intersolar Europe has been a stage for us to demonstrate how our technologies translate into real-world resilience and customer value,” said Isabella Ni, GM of Global Marketing at Astronergy. “With TOPCon 5.0 and advanced ZBB designs, we’re delivering smart, efficient, and durable solutions to accelerate global decarbonization.”

Another milestone during the event was Astronergy’s framework agreements with important partners in Europe, marking its extended business footprint in the broader Nordic market and other areas of Europe. The partnerships signify Astronergy’s ongoing commitment to tailor solutions for regional needs and build lasting partnerships across the continent.

Astronergy’s visually striking booth attracted thousands of visitors, with live product showcases and expert-led briefings drawing praise from industry professionals and media alike. With its presence in solar markets and participation in European initiatives like SolarPower Europe and SSI, Astronergy continues to establish itself as a global partner of choice, offering future-ready PV technology backed by proven reliability.

View original content to download multimedia:https://www.prnewswire.com/news-releases/astronergy-shines-with-its-breakthroughs-at-intersolar-europe-2025-302452197.html

SOURCE Astronergy