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| Owens Corning to acquire Saint-Gobain's business  Building products giant Owens Corning announced the signing of a definitive agreement under which Owens Corning will acquire the French-based global group Saint-Gobain's Reinforcement and Composites business for $640 million. In 2006, the acquired Saint-Gobain Reinforcement and Composites business had sales of approximately $900 million, with approximately 4,000 employees. With this acquisition, the expanded Owens Corning Composite Solutions business will have 42 production facilities in 16 countries. On a pro forma basis for calendar year 2006, the new Owens Corning Composite Solutions segment would have had about 9,000 employees and combined sales of approximately $2.2 billion, compared with actual reported segment sales in 2006 of $1.6 billion.The transaction is expected to close by the end of 2007. Owens Corning will divest its facilities in Battice, Belgium; Birkeland, Norway; and Huntingdon, Penn., in order to address regulatory concerns related to the transaction. This acquisition expands Owens Corning's footprint around the world and strengthens our position in key markets such as Russia, China, India, Mexico and Brazil. 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. The Wichita Falls, Texas, facility of Saint-Gobain is not part of the transaction. write your comments about the article :: © 2007 Construction News :: home page |