Composites and Metals Fabrication Businesses Sold in Separate Transactions
Completes Previously Announced Strategic Review
TOLEDO, Ohio, Sept. 17 /PRNewswire-FirstCall/ -- Owens Corning (NYSE:
OC) today announced it has completed the sale of its Fabwel unit in two
separate transactions totaling $60 million in combined proceeds.
Owens Corning sold Fabwel's composite panel business to Crane
Composites for $38 million. The sale includes a manufacturing facility in
Goshen, Ind., and a new-business development center in Elkhart, Ind.
In a separate transaction, Owens Corning sold Fabwel's metals
fabrication, Fiberglass Reinforced Plastic (FRP) lamination and Midwest RV
door business to Euramax International Inc. for $22 million. The sale
includes facilities in Nappanee and Bourbon, Ind. Owens Corning previously
announced the closure of its RV wall and door manufacturing facility in
Riverside, Calif. The plant was closed in August 2007.
Fabwel was a small unit within Owens Corning's Composite Solutions
segment, employing approximately 350 people. The unit had sales of
approximately $179 million in 2006.
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 operations in 26
countries. Additional information is available at http://www.owenscorning.com.
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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