TOLEDO, Ohio, Feb. 23, 2011 /PRNewswire/ -- Owens Corning
(NYSE: OC), the leading global producer of glass fiber
reinforcements for composites, announced today that it has reached
a definitive agreement to sell its glass fiber reinforcements plant
in Capivari, Brazil, to Chongqing
Polycomp International Corporation (CPIC). Owens Corning
originally announced its intention to divest the facility in
September, 2010.
The transaction, which is expected to close during the second
quarter of 2011, is subject to regulatory approval and other
customary conditions.
Following its acquisition of Saint-Gobain's reinforcements and
technical fabrics businesses in 2007, Owens Corning anticipated
that it might be required to divest the Capivari facility, one of
more than 30 in its global network. CPIC was one of a number
of potential buyers who participated in the bidding process.
Owens Corning retains full ownership of its glass fiber
reinforcements and fabrics facilities in Rio Claro, Brazil.
Owens Corning is the world's leading producer and provider of
glass fiber reinforcements and technical fabrics in Latin America and around the globe. The
company remains committed to serving customers in Brazil, Latin
America and throughout the world with its patented Advantex®
glass formulation used in a broad range of end-use markets
including wind energy, infrastructure, pipe repair and marine.
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 $5.0 billion
in 2010 and about 15,000 employees in 28 countries on five
continents. Additional information is available at
www.owenscorning.com.
SOURCE Owens Corning