Owens Corning has announced that it has signed an agreement to acquire Pittsburgh Corning.
Upon closing, the company will pay approximately US$560 million in cash, on a cash free and debt free basis.The transaction, which is subject to regulatory approvals, is anticipated to close in 3Q17.
Pittsburgh Corning produces FOAMGLAS® cellular glass, a sustainable, high performance insulation offering water and fire resistance, high compressive strength and long-lasting thermal protection. The company, which delivered sales of over US$240 million in 2016, employs over 1100 people in 17 countries. It operates facilities in the US, Belgium, Czech Republic and China.
Julian Francis, President of Owens Corning’s Insulation Business, said: “The acquisition of Pittsburgh Corning will further expand Owens Corning’s commercial and industrial product offering and grow our presence in Europe and Asia […] 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 fibreglass, foam, mineral fibre, and cellular glass.”
Jim Kane, Chairman, President and CEO of Pittsburgh Corning, added: “The combination of Pittsburgh Corning and Owens Corning will provide a tremendous opportunity to better serve our customers, grow our business and enhance career opportunities for our employees […] The Pittsburgh Corning team is proud of the 80-year heritage of our company and is looking forward to a bright future as part of Owens Corning.”
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