Owens Corning originally announced its intention to divest the Capivari facility in September 2010. The transaction is expected to close during the second quarter of 2011, subject to regulatory approval.
Owens Corning retains full ownership of its glass fibre reinforcements and fabrics facilities in Rio Claro, Brazil.
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. Chongqing Polycomp International Corp (CPIC), a manufacturer of glass fibre located in China, was one of a number of potential buyers which participated in the bidding process.
Owens Corning, headquartered in Toledo, Ohio, USA, is a global producer of residential and commercial building materials, glass fibre reinforcements and engineered materials for composite systems.