Turning Point

SPRAY FOAM MAGAZINE – As many are still pushing the upsetting memories of 2019- 2022 to the back of the rig, there appears to be a positive shift when reviewing events that have occurred in the spray foam industry during 2023. Obviously, there are still some major challenges, like tackling new levels of intricacy around staff shortages, but on the optimistic side, supply chain challenges started to ease as 2023 took a giant step towards recovery. From this consolidated review of 2023, ask the question, “How do the events of 2023 provide an insight into 2024 and what lessons can be learned from the past year?”

Huntsman Building Solutions University Celebrates Success

Huntsman Building Solutions, the global leader in high performance, sustainable building envelope solutions, is celebrating the success of HBS University (HBSU), the company’s educational program for spray foam contractors and installers. Established in January 2021, HBSU offers curriculum for both brand-new and seasoned professionals, providing numerous courses spanning the areas of Building Science and Engineering, Applicator Training, Applicator Assistant Training, Sales, Roofing and Concrete Lifting. HBSU courses are offered virtually, with numerous sessions scheduled each month.

Participation in HBSU has been strong since the program’s inception. To date, more than 2,000 professionals have enrolled in the program. Additional program statistics include: 620 spray foam applicators/installers tested and passed the HBSU 101 Applicator Training; 70 assistants tested and passed the HBSU Applicator Assistant Training; 70 participants tested and passed the HBSU Alt 1 Concrete Lifting Training; 250 sales people participated in HBSU 201 Sales Training; and 50 people participated in HBSU Building Science and Engineering Training.

Contractors and installers may easily sign up online to participate at www.huntsmanbuildingsolutions.com/en-US/about/training-courses.

Spray Foam Magazine Recognizes One Contractor for Best Rig Design in 2023

Rusty Schrader, owner of Allstate Spray Foam Insulation based in Visalia, California, appeared on the front cover of Spray Foam Magazine’s Summer Issue. Rusty’s main rig design stood out amongst the hundreds of entries. With a very patriotic and Rusty even gives a 10% discount to all currently serving our country as well as veterans, Rusty thinks about his business, brand and helping others along the way. This unfaltering patriotism is the inspiration to his main rig design, with the Star-Spangled Banner wrapping around the 24ft trailer. A friend of Rusty’s came up with the mascot Cozy, which is based on California’s state animal the grizzly bear.

Elastochem Offers Two Core Open-Cell Products

Available across North America, Elastochem offers two core open-cell products: Insulthane 500 HY (high yield) and Insulthane 450 NM (no-mix). These premium offerings are formulated using the highest quality of available raw materials, resulting in unparalleled quality and reliable consistency.

Insulthane 500 HY is a traditional open-cell spray foam with an industry-leading R-3.9 and exceptional yield. This product is an emulsion, meaning it results from two liquids mixing to form a solution. It has been part of the Elastochem portfolio for over 25 years and is a high-yield, easy-to-spray product. Its consistency and temperature resilience are its most celebrated features, making it ideal for a variety of applications across different equipment, climates, and seasons, from industrial to commercial to residential.

Insulthane 450 NM is the latest addition to Elastochem's lineup of open-cell products. Boasting a leading R-4.1, this no-mix, easy-to-spray product is perfect for new sprayers and seasoned pros alike. Insulthane 450 NM requires no mixing or agitation of the resin prior to application, saving valuable time on the job site.

Polyurethane Machinery Corporation (PMC) Introduces Two Innovative Newly Designed Machines

Made in America, the PK-25 has been designed to be utilized for concrete lifting and in the bedliner industry, this unit is aggressively priced and is a no frills, lightweight, small footprint, low consumption, high output solution for plural component applications.

PMC has also just launched their brand-new Premier machine, a digital machine with remote capabilities. With this machine, contractors assume complete control of their equipment on the fly. Manage a fleet with remote access available on any internet capable device or change the hose heat setting with a phone. The Premier offers a clean presentation of information at the home screen, straight forward controls for heaters and hose heat, upper and lower limits on outgoing and incoming material pressures, accurate flow meters that have no wear parts, and fully in depth and searchable graph reporting.

Profoam Corp Releases App for Easy Mobile Ordering

Profoam Corporation’s new Profoam App has proven to be a resounding success, earning a 5-star rating on the app store and experiencing rapid growth with the number of downloads doubling every month. The app enhances the customer experience by providing easy access to spray foam parts, training opportunities, and exclusive coupon codes, all accessible via mobile devices. This strong user satisfaction and growing user base suggest that it is effectively delivering on its promises of convenience and quality, making it a valuable tool for customers seeking foam-related products and training.

Natural Polymers Introduces Ultra-Pure Spray Foam

Natural Polymers, acquired by Owens Corning, introduced Ultra-Pure™ spray foam insulation to its family of high-performance spray foam insulation solutions in 2023. New Ultra-Pure™ Spray Foam was showcased at the Spray Foam Convention and Expo, from February 14 – 15, 2023 in Daytona Beach, FL.

Ultra-Pure spray foam is intended to minimize odors and VOC emissions before, during and after application. Ultra-Pure Spray Foam is GREENGUARD Gold Certified, with FlexTemp™ formulations designed to deliver consistent performance year-round with a smooth surface texture and inspection-ready results on every job. With reliable yield, Ultra-Pure spray foam with Odor Scavenger™ Technology helps contribute to a healthier indoor air quality.

The Return of Quadrant Performance Materials

Quadrant Performance Materials is very excited to be back serving the spray foam industry. The new line of spray polyurethane products, EnviroSeal®, includes an HFO closed-cell spray foam, and three open-cell insulation products, No Mix, High Yield, and OCX. EnviroSeal® products are environmentally friendly, have low global warming potential, and deliver outstanding comfort and savings for home and building owners.

TopBuild to Buy Specialty Products & Insulation

TopBuild Corp. a prominent installer and specialty distributor of insulation and building material products to the construction industry in the United States and Canada, entered into an agreement to acquire Specialty Products & Insulation (“SPI”) in an all-cash transaction valued at $960 million. SPI is a portfolio company of Incline Equity Partners.

For the trailing 12 months ended March 31, 2023, SPI generated pro forma revenue of approximately $703 million and adjusted EBITDA of $77 million. TopBuild plans to fund this $960 million transaction with a new $550 million Term Loan A and cash on hand. The Company’s net debt to pro forma adjusted EBITDA is expected to be approximately 2.0 times, based on March 31, 2023, trailing twelve months pro forma results. As a result of the transaction, TopBuild will benefit from a $90 million tax asset.

Insulation Tax Credit

The spray foam industry knows how great a product SPF is. However, even if they are shown the evidence of its benefits, most clients may still vote with their wallet. That’s why the added incentive of a tax credit can help when pitching to a client.

Increasingly homeowners are prioritizing energy efficiency, and the Tax Credit for 2023 offered an excellent opportunity to save clients on their energy costs. Where they have a potential to claim newly installed insulation. The amount of credit they can take is a percentage of the total improvement expenses in the year of installation, for example in 2022 it was 30%, up to a lifetime maximum of $500 and in 2023 through 2032: 30%, up to a maximum of $1,200.

Eligibility Criteria: Taxpayers must ensure that the spray foam insulation is installed in an existing primary residence or a newly constructed home before December 31, 2023. The insulation must meet specific energy efficiency standards set by the IRS.

Qualified Installation: Contractors need to be experienced in installing spray foam insulation and meet the necessary qualifications. They should remind their clients to keep detailed documentation, including invoices and manufacturer certifications, to authenticate their claims.

Use tax form 5695 to claim the credit: https://filemytaxesonline.org/form-5695-energy-tax-credits/

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