|
contents | business | |||||||||
| Owens Corning sells plants in Belgium and Norway Toledo, Ohio-based Owens Corning, the world's largest fiberglass maker, announced that it has completed the sale of two composite manufacturing plants to Platinum Equity. The facilities are located in Battice, Belgium, and Birkeland, Norway. The aggregate gross purchase price for the sale was euro 155 million ($242 million). After costs associated with the transaction and to position the business as an ongoing concern, Owens Corning expects to realize net proceeds of approximately $197 million, consisting of cash proceeds of $184 million plus the assumption of certain liabilities by the purchaser. As a result of the sale, Owens Corning recorded an additional impairment charge of approximately $10 million in the first quarter of 2008. These amounts are subject to post-closing adjustments. write your comments about the article :: © 2008 Construction News :: home page |