Owens Corning Plans to Sell Composite Manufacturing Plants in Belgium and Norway
July 17 2007 - 7:30AM
PR Newswire (US)
Sales Intended to Address Regulatory Concerns Associated with the
Previously Announced Joint Venture with Saint-Gobain's
Reinforcement and Composites Business TOLEDO, Ohio, July 17
/PRNewswire-FirstCall/ -- Owens Corning (NYSE:OC) announced today
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 also announced today that the company 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. Should such
conversion occur, it is expected that the planned sale of the two
manufacturing facilities would go forward in order to address
regulatory concerns associated with the acquisition transaction.
About Owens Corning Owens Corning (NYSE:OC) is a world leader in
building materials systems and composite solutions. A Fortune 500
company for more than 50 years, Owens Corning people redefine what
is possible each day to deliver high-quality products and services
ranging from insulation, roofing, siding and manufactured stone
veneer, to glass composite materials used in transportation,
electronics, telecommunications and other high-performance
applications. Founded in 1938, Owens Corning is a market-leading
innovator of glass fiber technology with sales of $6.5 billion in
2006 and 19,000 employees in 26 countries. Additional information
is available at http://www.owenscorning.com/. DATASOURCE: Owens
Corning CONTACT: Media, Jason Saragian, +1-419-248-8987, or
Investors, Scott Deitz, +1-419-248-8935, both of Owens Corning Web
site: http://www.owenscorning.com/ Company News On-Call:
http://www.prnewswire.com/comp/677350.html
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