Owens Corning Reaches Definitive Agreement to Sell Its Siding Solutions Business for $371 Million
July 17 2007 - 5:00PM
PR Newswire (US)
Sale Includes Norandex/Reynolds Distribution Business TOLEDO, Ohio,
July 17 /PRNewswire-FirstCall/ -- Owens Corning (NYSE:OC) announced
today that it has reached a definitive agreement to sell its Siding
Solutions business to 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. "This sale completes the strategic review of our
Siding Solutions business that we announced earlier this year,"
said Dave Brown, president and chief executive officer. "We are
thankful for the contributions of the 2,200 employees of Siding
Solutions who have built the enterprise value of the business into
what it is today. This divestiture is one of several actions we are
taking across our company to increase our ability to generate
consistent profitable growth that will drive shareholder value."
UBS advised Owens Corning on this transaction, which is expected to
close by the end of the third quarter. Owens Corning's strategic
review of its Fabwel unit, the leading producer and fabricator of
components and sidewalls for recreational vehicles and cargo
trailers, continues. Fabwel is a unit within Owens Corning's
Composite Solutions segment. 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 Investor Contact, Scott
Deitz, +1-419-248-8935 Web site: http://www.owenscorning.com/
Company News On-Call: http://www.prnewswire.com/comp/677350.html
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