Owens Corning Reaches Definitive Agreement to Sell Composite Manufacturing Plants in Belgium and Norway
January 24 2008 - 7:30AM
PR Newswire (US)
Sale Will Complete the European Regulatory Remedies Associated with
the Company's Acquisition of Saint-Gobain's Reinforcements and
Composite Fabrics Businesses TOLEDO, Ohio, Jan. 24
/PRNewswire-FirstCall/ -- Owens Corning (NYSE:OC) today announced
that it has reached a definitive agreement to sell two composite
manufacturing plants to Platinum Equity. The facilities are located
in Battice, Belgium, and Birkeland, Norway. Owens Corning
previously announced that it planned to sell these composite
manufacturing facilities to address regulatory concerns associated
with Owens Corning's acquisition of Saint-Gobain's Reinforcements
and Composite Fabrics businesses on Oct. 31, 2007. The transaction,
which is subject to regulatory approval, is expected to close
during the first quarter of this year. Additional details regarding
the transaction will be included in a Form 8-K to be filed with the
Securities and Exchange Commission. 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 20,000 employees in 30
countries. Additional information is available at
http://www.owenscorning.com/. About Platinum Equity Platinum Equity
(http://www.platinumequity.com/) is a global M&A&O(R) firm
specializing in the merger, acquisition and operation of companies
that provide services and solutions to customers in a broad range
of business markets, including information technology,
telecommunications, logistics, metals services, manufacturing and
distribution. Since its founding in 1995 by Tom Gores, Platinum
Equity has acquired more than 75 businesses with more than $23
billion in aggregate annual revenue at the time of acquisition.
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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