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 /PRNewswire-FirstCall/ -- 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 http://www.owenscorning.com.
About Platinum Equity
Platinum Equity (http://www.platinumequity.com) is a global M&A&O(R) 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
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Related links:
http://www.owenscorning.com
http://www.prnewswire.com/comp/677350.html /
CONTACT:
Media, Jason Saragian, +1-419-248-8987; or
Investors, Scott Deitz, +1-419-248-8935, both of Owens Corning
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