TOLEDO, Ohio--(BUSINESS WIRE)--
Owens Corning (NYSE: OC) announced that it has received all regulatory
clearances and completed the acquisition of Paroc Group (“Paroc”), a
leading producer of mineral wool insulation for building and technical
applications in Europe, for an enterprise value of approximately €900
million.
“This is an important day for Owens Corning’s Insulation Business,” said
Julian Francis, president of Owens Corning’s Insulation Business. “We’ve
had a strategic goal to broaden our product portfolio and diversify our
geographic scope to better address our customers’ needs and support
their growth. The acquisition of Paroc does both. We now have a leading
position in Europe and in the global mineral wool business.”
On a full-year 2018 basis, Paroc is expected to deliver approximate
revenue, EBITDA and EBIT of $500 million, $100 million, and $50 million,
respectively. Paroc’s contribution to the 2018 financial results of
Owens Corning’s Insulation Business will reflect the period of ownership
during the year.
Paroc is a leading European manufacturer of high-performance mineral
wool insulation solutions for a variety of end markets. Paroc
manufactures building insulation for thermal, fire and acoustic
applications in residential and commercial construction. The company
also manufactures technical insulation for HVAC systems; industrial
processes; and the marine, offshore and original equipment manufacturer
industries.
Paroc employs over 1,800 people in 13 countries and operates
facilities in Finland, Lithuania, Poland, Russia, and Sweden.
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 19,000 people in 37 countries. It has been a
Fortune 500® company for 63 consecutive years. For more information,
please visit www.owenscorning.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: relationships with key customers; levels of residential and
commercial construction activity; competitive and pricing factors;
levels of global industrial production; demand for our products;
industry and economic conditions that affect the market and operating
conditions of our customers, suppliers or lenders; domestic and
international economic and political conditions, including new
legislation, policies or other governmental actions in the U.S. or
elsewhere, including the impact of recent tax reform legislation and
related actions, interpretations, and regulatory guidance on our
financial condition and results of operations (including the assumptions
we make related thereto); foreign exchange and commodity price
fluctuations, our level of indebtedness; weather conditions;
availability and cost of credit; availability and cost of energy and raw
materials; issues involving implementation and protection of information
technology systems; labor disputes; legal and regulatory proceedings,
including litigation and environmental actions; our ability to utilize
net operating loss carry-forwards; research and development activities
and intellectual property protection; interest rate movements; uninsured
losses; issues related to acquisitions, divestitures and joint ventures;
achievement of expected synergies, cost reductions and/or productivity
improvements; defined benefit plan funding obligations; price volatility
in certain wind energy markets in the U.S.; 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 February 5,
2018, 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. Any distribution of this news release after
that date is not intended and should not be construed as updating or
confirming such information.
This release contains references to certain “non-GAAP financial
measures” as defined by the SEC, including earnings before interest,
taxes, depreciation and amortization (“EBITDA”). Earnings before
interest and taxes (“EBIT”), when used outside of a segment
profitability measure, is also a non-GAAP measure. Management
believes these measures, and exclusions from GAAP therein, provide
useful information to investors. Non-GAAP measures should not be
considered in isolation or as a substitute for the corresponding GAAP
measures. When the company provides forward-looking expectations
for non-GAAP measures, the most comparable GAAP measures and a
reconciliation between the non-GAAP expectations and the corresponding
GAAP measures are generally not available without unreasonable effort
due to the variability, complexity and limited visibility of the
adjusting items that would be excluded from the non-GAAP measures in
future periods. The variability in timing and amount of adjusting items
could have significant and unpredictable effects on future GAAP results.
Owens Corning Investor Relations News
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Source: Owens Corning