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| Owens Corning and Saint-Gobain businesses merge into new venture Owens Corning, a world leader in building materials systems and composite solutions, and French materials giant Saint-Gobain have signed a joint-venture agreement to merge Owens Corning's Reinforcements Business and Saint-Gobain's Reinforcements and Composites Business (a part of the entity known as Vetrotex) into a new company that will be named "OCV Reinforcements". On July 27, 2006, Owens Corning and Saint-Gobain jointly announced that they were in discussions to merge their respective reinforcements and composites businesses, thereby creating a global company in reinforcements and composite fabrics products, with worldwide revenues of approximately $1.8 billion (€1.5 billion) and 10,000 employees. The agreement signed on February 20, 2007 contemplates that the joint-venture will be owned 60 percent by Owens Corning and 40 percent by Saint-Gobain. After a minimum of four years, Saint-Gobain will have the option to sell its 40 percent stake to Owens Corning, and Owens Corning will have the option to buy Saint-Gobain's stake in the joint-venture. The transaction is expected to close in mid-2007 and is subject to customary closing conditions, and regulatory and antitrust approvals. write your comments about the article :: © 2007 Construction News :: home page |