Glass fiber company Owens Corning has signed an agreement to acquire Pittsburgh Corning, a producer of cellular glass insulation systems for commercial and industrial markets, for around US$560 million in cash. The transaction is anticipated to close in the third quarter of 2017.
Pittsburgh Corning produces Foamglas cellular glass, an insulation offering water and fire resistance, compressive strength and thermal protection. It employs more than 1,100 people in 17 countries and operates facilities in the United States, Belgium, Czech Republic and China. Pittsburgh Corning delivered 2016 sales of over US$240 million.
‘The acquisition of Pittsburgh Corning will further expand Owens Corning’s commercial and industrial product offering and grow our presence in Europe and Asia,’ said Julian Francis, president of Owens Corning’s Insulation Business. ‘The addition of Pittsburgh Corning will build on our core glass technologies and accelerates our progress in making Owens Corning the leading provider of insulation solutions with fiberglass, foam, mineral fiber, and cellular glass.’
This story is reprinted from material from Owens Corning, with editorial changes made by Materials Today. The views expressed in this article do not necessarily represent those of Elsevier.
