Transaction Provides Greater Access to Attractive Markets and
Increases Global Scope of Owens Corning Insulation
TOLEDO, Ohio--(BUSINESS WIRE)--
Owens Corning (NYSE:OC) today announced that it has signed an agreement
to acquire Pittsburgh Corning, the world’s leading producer of cellular
glass insulation systems for commercial and industrial markets. Upon
closing, the company will pay approximately $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 the third quarter of
2017.
Pittsburgh Corning produces FOAMGLAS® cellular glass, a sustainable,
high performance insulation offering water and fire resistance, high
compressive strength and long-lasting thermal protection. This unique
combination of properties makes FOAMGLAS® the insulation of choice for
low-temperature industrial applications and in premier commercial
buildings around the world. Pittsburgh Corning also offers an extensive
line of accessory products.
“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.”
Pittsburgh Corning employs over 1,100 people in 17 countries. It
operates facilities in the United States, Belgium, Czech Republic and
China. Pittsburgh Corning delivered 2016 sales of over $240 million.
“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,” said Jim Kane,
chairman, president and CEO of Pittsburgh Corning. “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.”
About Owens Corning
Owens Corning (NYSE: OC) develops, manufactures, and markets insulation,
roofing, and fiberglass composites. Global in scope and human in scale,
the company’s market-leading businesses use their deep expertise in
materials, manufacturing, and building science to develop products and
systems that save energy and improve comfort in commercial and
residential buildings. Through its glass reinforcements business, the
company makes thousands of products lighter, stronger, and more durable.
Ultimately, Owens Corning people and products make the world a better
place. Based in Toledo, Ohio, Owens Corning posted 2016 sales of $5.7
billion and employs about 16,000 people in 26 countries. It has been a
Fortune 500® company for 62 consecutive years. For more information,
please visit www.owenscorning.com.
About Pittsburgh Corning
Pittsburgh Corning produces sustainable, high-performance cellular glass
insulation products for commercial and residential buildings and energy
and industrial applications. FOAMGLAS® Insulation offers a unique
combination of properties, making it one of the highest performing
insulation materials available. Billions of board feet have been
installed throughout the world in thousands of buildings and industrial
plants. Pittsburgh Corning also offers a wide range of complementary
accessory products including sealants, adhesives, and jacketing.
Pittsburgh Corning’s products keep people safe and provide lasting
protection for homes, offices, public facilities and processing
operations. For more information, please visit www.pghcorning.com
and www.foamglas.com.
This news release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of
the Securities Exchange Act of 1934. These forward-looking statements
are subject to risks, uncertainties and other factors and actual results
may differ materially from those results projected in the statements.
These risks, uncertainties and other factors include, without
limitation, issues related to acquisitions and the achievement of
expected synergies and cost reductions and/or productivity improvements
and factors detailed from time to time in the company’s Securities and
Exchange Commission filings. The information in this news release speaks
as of May 15, 2017, and is subject to change. The company does not
undertake any duty to update or revise forward-looking statements except
as required by federal securities laws.
Owens Corning Investor Relations News
View source version on businesswire.com: http://www.businesswire.com/news/home/20170515005588/en/
Source: Owens Corning