Owens Corning: Composites of Saint-Gobain
Owens Corning, Toledo, USA, announced the signing of a definitive agreement under which the company will acquire Saint-Gobain’s Reinforcement and Composites business for USD 640 million. The acquisition further builds Owens Corning’s position as a market leader in glass reinforcements and composites. The transaction is expected to close by the end of 2007 and remains subject to regulatory approval in several jurisdictions, along with customary closing conditions. Owens Corning will divest its facilities in Battice, Belgium, Birkeland, Norway, and Huntingdon, USA, in order to address regulatory concerns related to the transaction. The acquired business is comprised of 20 plants, which includes 12 glass fiber reinforcements plants, six fabrics plants and two plants that produce both reinforcements and fabrics. In 2006, the acquired Saint-Gobain Reinforcement and Composites business had sales of approximately USD 900 million, with approximately 4,500 employees.
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