DAYTONA BEACH, Fla. and
TOLEDO, Ohio, May 5, 2017 /PRNewswire/ -- TopBuild Corp.
(NYSE: BLD), and Owens Corning (NYSE: OC) have
entered into a settlement agreement in connection with a commercial
breach of contract dispute from the second quarter of 2016.
Both companies plan to resume a productive and normalized
commercial relationship whereby Owens Corning will sell residential
insulation to TopBuild and its subsidiaries, including
TruTeam.
Under the terms of the settlement, TopBuild will pay Owens
Corning $30 million in cash.
The settlement will also result in the dismissal of the lawsuit
filed in May, 2016 in Toledo, Ohio
in connection with the dispute. Additional details of the
settlement agreement remain confidential.
About TopBuild
TopBuild Corp., headquartered in
Daytona Beach, Florida, is the
leading purchaser, installer and distributor of insulation products
to the U.S. construction industry. We provide insulation services
nationwide through TruTeam®, which has over 175 branches and our
Service Partners® business distributes insulation from over 70
branches. We leverage our national footprint to gain
economies of scale while capitalizing on our local market presence
to forge strong relationships with our customers. To learn
more about TopBuild, please visit www.topbuild.com.
About Owens
Corning
Owens Corning (NYSE: OC) develops, manufactures and markets
insulation, roofing, and fiberglass composites. Global in scope and
human in scale, the company's market-leading businesses use their
deep expertise in materials, manufacturing and building science to
develop products and systems that save energy and improve comfort
in commercial and residential buildings. Through its glass
reinforcements business, the company makes thousands of products
lighter, stronger and more durable. Ultimately, Owens Corning
people and products make the world a better place. Based in
Toledo, Ohio, Owens Corning posted
2016 sales of $5.7 billion and
employs about 16,000 people in 26 countries. It has been a Fortune
500® company for 62 consecutive years. For more
information, please visit www.owenscorning.com.
TopBuild Investor and Media Contact
Tabitha Zane, 386-763-8801,
tabitha.zane@topbuild.com
Owens Corning Contacts
Media: Chuck Hartlage, 419.248.5395,
chuck.hartlage@owenscorning.com
Investors: Thierry Denis,
419.248.5748, thierry.j.denis@owenscorning.com
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SOURCE TopBuild Corp.