Sergey Kolesnikov, who acquired the firm in 2016 through his Inflection Management Corporation vehicle, is to invest £36.8 million in its facility at Thistle Industrial Estate in Stirling.
The investment secures 160 jobs, will double annual production capacity of glass wool to 60,000 tonnes, and consequently deliver major growth in new full-time jobs over the next 18 months.
Kolesnikov is the owner of TechnoNicol, the largest manufacturer of construction materials in Russia and Eastern Europe.
Ken Munro, chief executive of TechnoNicol UK, Ireland and USA, which incorporates the Superglass business, said: “TechnoNicol’s backing is a real vote of confidence in Scottish manufacturing, both in terms of the quality of the work we do here and the expertise of the workforce.
"It is also an important milestone in the total transformation that this business has experienced over the last three years – we have delivered a £10m improvement in profitability over this period and significant double-digit sales growth in the current year.
“By our estimations, it’s also one of the biggest single inward investments made in Scotland’s manufacturing sector for a long time. It’s an exciting time for the business. We’ve got significant growth ambitions and this investment will certainly help propel us towards achieving those goals.”
Economy secretary Keith Brown said: “This investment, and the jobs it will create, is excellent news for Stirling and for the wider Scottish economy. It rightly shows real confidence in the highly-skilled Scottish workforce."
He also said he was “delighted" that Scottish Enterprise is supporting the project with a grant of £477,000.
“I wish Superglass every success for the future and look forward hearing of the team’s achievements in the years to come.”