Norcros Reports Higher Revenue and Profit Following Fibo Acquisition United Kingdom: Norcros reported group revenue of GBP 393.4 million (USD 532.0 million) for the 53 weeks ended 5 April 2026, up 10.6% from the previous year. Underlying operating profit increased by 7.9% to GBP 48 million (USD 64.9 million), while cash conversion rose to 116%. Diluted underlying earnings per share increased to 35.8 pence, and the full-year dividend was raised by 8.7%. The company stated that

Naphtha Shortage Begins Affecting Air Conditioner Installations in Japan Japan: A shortage of naphtha-linked materials, linked to disruption caused by the Middle East crisis, is beginning to affect air conditioner installation activity in Japan ahead of the summer season. Contractors have reported shortages of products such as pipe covers and rising costs for refrigerant pipes and electrical wiring, creating concerns about their ability to meet seasonal demand. Industry parti

WaterFurnace Promotes Two Executives to Vice President Roles USA: WaterFurnace International has announced the promotion of Ryan Johnson and Dean Grunseth to Vice President positions as part of changes to its leadership structure. Johnson has been appointed Vice President Residential, while Grunseth has been named Vice President Commercial. The company stated that the appointments are intended to support its residential and commercial operations and strengthen engagement with

UK Proposes New Energy Efficiency Rules for Heating Devices UK: The UK Government has proposed new energy efficiency regulations that could restrict the sale of certain heating devices, including some towel rails and underfloor heating systems. Under the proposals, heating products would be required to include controls that limit operation to specified periods in order to improve energy efficiency. The rules would apply to new product sales and not to existing installations.

INNOVA and Copeland Partner on Heat Pump Thermostat Integration USA: INNOVA and Copeland have announced a partnership to integrate Copeland’s Verdant VX4 thermostat with INNOVA’s inverter heat pump systems. Under the agreement, INNOVA’s products will be supplied with a customised version of the thermostat designed to support control of inverter-driven heat pump operations, occupancy-based settings and integration with the company’s control systems. The partnership covers INNO

Industry Group Calls for Review of UK Heat Pump Targets UK: The UK Government is facing calls to reconsider plans to increase heat pump targets under the Clean Heat Market Mechanism (CHMM) after concerns were raised by the Regulatory Policy Committee (RPC) regarding the evidence supporting the proposed changes. The Government plans to increase the target from 6% to 8%, but the RPC stated that the justification for tightening the scheme has not been clearly demonstrated. The E

Saudi Arabia Maintains Inflation Below 2% Despite Regional Pressures Saudi Arabia: Saudi Arabia recorded consumer price inflation of 1.7% year-on-year in April 2026, according to Kamco Invest’s Gulf Cooperation Council inflation update. The figure remained below 2% despite increasing global inflationary pressures linked to higher energy, food and transport costs following the conflict in the Middle East. The report noted that housing-related costs remained the main contributo

HVAC JAPAN: Bosch Home Comfort Group, the HVAC division of Robert Bosch GmbH, and Hitachi Group have entered into a strategic collaboration to develop intelligent building management solutions through “HMAX for Buildings.” Combining Bosch’s expertise in commercial HVAC systems with Hitachi’s advanced AI and IoT capabilities, the partnership aims to enhance the performance, efficiency, and lifecycle value of HVAC assets in mission-critical facilities such as offices, commercia

Flag GERMANY: Vaillant Deutschland, in partnership with Energienetze Bayern GmbH and Energie Südbayern GmbH (ESB), is supporting the “H2Direkt” project in Hohenwart, Upper Bavaria, where several households and a commercial facility are now being supplied with 100% hydrogen through an existing gas distribution network. Following the successful completion of the research and pilot phase, the project has entered regular operation, demonstrating the practical feasibility of suppl

Le Froid Pecomark Belgium: Astorg backed IPCOM has announced plans to acquire a majority stake in Le Froid Pecomark, a France based distributor of refrigeration, heat pump and ventilation equipment. The company serves installers, contractors and OEMs across the HVACR segment and has built a nationwide presence. The proposed transaction is part of IPCOM’s strategy to expand its footprint in the European HVACR distribution market. Following completion, Spanish distributor Pecom

European Union Europe: Energy consumption in European Union households continued to decline in 2024, marking the third consecutive annual decrease. Total household energy use stood at 9.54 million terajoules, down slightly by 0.2% from 2023 levels. The residential sector accounted for 26% of total final energy consumption across the EU. Natural gas remained the largest energy source for households with a share of 29.4%, followed by electricity at 26.9% and renewables and biof

LG Electronics South Korea: LG Electronics said it plans to double its combined revenue from three key Global South markets, including India, Brazil and Saudi Arabia, by 2030. The company reported that revenue from these markets reached about US$4.3 billion in 2025, registering growth of over 20% compared with 2023 and outpacing overall global growth. The company identified India as a central market supported by strong demand conditions and relatively low penetration of home