TOLEDO, Ohio, Dec. 20, 2010 /PRNewswire-FirstCall/ -- Owens
Corning (NYSE: OC), a world leader in building materials and glass
fiber reinforcements, announced today that it has reached a
definitive agreement with Boral Industries Ltd. to sell its Masonry
Products business.
The divestiture will be in two stages. Owens Corning will sell a
50 percent stake in its Masonry Products business to Boral
Industries Ltd. for $45 million at
closing. The Masonry Products business will then be operated
jointly until early 2014. At that time, Owens Corning will
sell its remaining 50 percent stake for $45
million and may receive additional proceeds dependent upon
2013 financial performance. Owens Corning will record an
impairment charge estimated to be $115
million, which is primarily related to goodwill and other
intangible assets assigned to the business in 2006 as part of fresh
start accounting.
Boral will assume operational control of the business at
closing. During the period of joint ownership, Owens Corning
and Boral will work together to ensure maximum performance.
The transaction is expected to close by year-end and is subject
to regulatory approval.
About Owens Corning
Owens Corning (NYSE: OC) is a leading global producer of
residential and commercial building materials, glass-fiber
reinforcements and engineered materials for composite systems. A
Fortune 500 Company for 56 consecutive years, Owens Corning is
committed to driving sustainability by delivering solutions,
transforming markets and enhancing lives. Founded in 1938, Owens
Corning is a market-leading innovator of glass-fiber technology
with sales of $4.8 billion in 2009
and about 16,000 employees in 28 countries on five continents.
Additional information is available at www.owenscorning.com.
SOURCE Owens Corning