Owens Corning Completes Sale of Its Siding Solutions Business
August 31 2007 - 5:00PM
PR Newswire (US)
Sale Includes Norandex/Reynolds Distribution Business TOLEDO, Ohio,
Aug. 31 /PRNewswire-FirstCall/ -- Owens Corning (NYSE:OC) has
completed the sale of its Siding Solutions business to Saint-Gobain
for $371 million as previously announced on July 17, 2007. 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 is part of our ongoing strategy to focus on
core businesses that bring value to our customers," said Dave
Brown, president and chief executive officer. "This transaction
enhances shareholder value by strengthening Owens Corning's ability
to generate consistent profitable growth across its portfolio of
businesses." The transaction completes Owens Corning's previously
announced strategic review of its Siding Solutions business. About
Owens Corning Owens Corning (NYSE:OC) is a world leader in building
materials systems and composite solutions. A Fortune 500 company
for 53 consecutive years, Owens Corning people redefine what is
possible each day to deliver high-quality products and services
ranging from insulation, roofing and masonry products, 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 operations 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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