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Belgium : Owens Corning completes acquisition of Saint-Gobain
November 5, 2007 |  |
Owens Corning has completed the acquisition of Saint-Gobain's Reinforcements and Composite Fabrics businesses for $640 million following approval by regulatory authorities in Europe and the United States.
The acquisition accelerates Owens Corning's global growth strategy and strengthens its position as a market leader in glass reinforcements and composites.The acquired business is comprised of 20 plants and more than 4,500 employees around the world.
The acquisition, net of planned divestitures, increases Owens Corning's glass fiber market position. In particular, the company acquires a more substantial footprint in emerging markets like China, Russia, India, Mexico and Brazil. In addition, the acquisition of the Saint-Gobain Fabrics business gives Owens Corning a market-leading position in the high-growth fabrics industry.
As previously announced, Owens Corning will divest its composite manufacturing facilities in Battice, Belgium, and Birkeland, Norway, in order to address regulatory concerns related to the transaction. The company also recently sold its CFM (Continuous Filament Mat) business in Huntingdon, Penn.
The Wichita Falls, Texas, facility of Saint-Gobain is not part of the transaction.
Owens Corning Composites Expansion in China and Russia
Owens Corning also announced today that it intends to expand its glass reinforcements and composite fabrics production capabilities beginning in 2008 to support market growth in Asia and Eastern Europe, and specifically in the developing and emerging countries of China and Russia.
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