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Owens Corning sells business to Saint-Gobain

Owens Corning, based in Toledo, Ohio, announced that it has reached a definitive agreement to sell its Siding Solutions business to the French building materials corporation Saint-Gobain for $371 million. The sale includes the company's Norandex/Reynolds distribution business with 153 U.S. distribution centers in 38 states. Three vinyl siding manufacturing facilities in North America located in Claremont, N.C.; Joplin, Mo.; and London, Ontario are also part of the transaction.

Owens Corning also announced the planned sale of two glass fiber reinforcement manufacturing facilities in Battice, Belgium and Birkeland, Norway. The sale is intended to address regulatory concerns associated with the proposed formation of a joint venture between Saint-Gobain's Reinforcement and Composites business (a part of Saint-Gobain known as Vetrotex) and Owens Corning's Reinforcements business. Owens Corning is in active discussions with Saint-Gobain regarding the potential conversion of the proposed joint venture into an outright acquisition by Owens Corning of Saint- Gobain's Vetrotex business.



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