Owens Corning completes sale of plants in Belgium and Norway

OWENS CORNING, Toledo, Ohio, USA, has completed the sale of two composite manufacturing plants to mergers and acquisitions company Platinum Equity. The facilities are in Battice, Belgium, and Birkeland, Norway.

The aggregate gross purchase price for the sale was 155 million Euros (US$242 million).

The new company is called 3B (www.3b-fibreglass.com).

In addition to the manufacturing facilities, the transaction includes other assets including intellectual property rights and precious metals used in production tooling.

According to Brian Wall, partner at Platinum Equity who supervised the acquisition, Platinum will operate the plants as a stand-alone business with an eye toward growth both organically and through add-on acquisitions.

“We have substantial manufacturing experience, and we’ve been able to identify numerous opportunities in the dynamic composites market,” says Wall. “We are very confident the new company can thrive and grow as a leader in this space."

Owens Corning previously announced that it reached a definitive agreement to sell the two facilities to address regulatory concerns associated with its acquisition of Saint-Gobain's reinforcements and composite fabrics businesses on 1 November.

Owens Corning; www.owenscorning.com

Platinum Equity; www.platinumequity.com

 

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