Sale of the Reinforcement and Composites Business to Owens Corning for $640 Million
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PARIS, July 27/ -- Saint-Gobain announces that definitive agreements to sell its Reinforcements and Composites activities to Owens Corning were signed on the 27th of July, 2007.
Total consideration for the divested assets (excluding Saint-Gobain US reinforcement fiber activities which are to be sold independently) amounts to an enterprise value of $640 million. The overall 2006 turnover of the activities sold to Owens Corning is EUR715 million.
The closure of the transaction is scheduled by the end of 2007, subject to the agreement of relevant competition authorities.
Saint-Gobain's Textile Solutions business, serving mainly construction markets, will remain part of the Group's High-Performance Materials sector.
Source: Saint-Gobain
