Owens Corning Reaches Definitive Agreement to Sell Composite Manufacturing Plants in Belgium and Norway
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 / -- 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 www.owenscorning.com.
About Platinum Equity
Platinum Equity (www.platinumequity.com) is a global M&A&O® 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.
Source: Owens Corning
CONTACT: Media, Jason Saragian, +1-419-248-8987; or Investors, Scott Deitz, +1-419-248-8935, both of Owens Corning
Web site: www.owenscorning.com/
