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06 May 2008 - United States
Owens Corning completes sale of composite manufacturing plants in Belgium and Norway
Owens Corning announced on May 1, 2008 that it has completed the sale of two composite manufacturing plants to Platinum Equity. The facilities are located in Battice, Belgium, and Birkeland, Norway.
The aggregate gross purchase price for the sale was euro 155 million ($242 million). After costs associated with the transaction and to position the business as an ongoing concern, Owens Corning expects to realize net proceeds of approximately $197 million, consisting of cash proceeds of $184 million plus the assumption of certain liabilities by the purchaser. As a result of the sale, Owens Corning recorded an additional impairment charge of approximately $10 million in the first quarter of 2008. These amounts are subject to post-closing adjustments.
Owens Corning previously announced that it reached a definitive agreement to sell the two facilities to address regulatory concerns associated with Owens Corning's acquisition of Saint-Gobain's reinforcements and composite fabrics businesses on November 1, 2007. The sale implements required European regulatory remedies.
As previously disclosed, in addition to the manufacturing facilities, the transaction includes the transfer of other assets related to the ongoing operation of the facilities, including intellectual property rights and precious metals used in production tooling.
About Owens Corning
Owens Corning is a leading global producer of residential and commercial building materials, glass fiber reinforcements and engineered materials for composite systems. A Fortune 500 company for 54 consecutive years, Owens Corning is committed to driving sustainability through delivering solutions, transforming markets and enhancing lives. Founded in 1938, Owens Corning is a market-leading innovator of glass fiber technology with sales of $5 billion in 2007 and 19,000 employees in 26 countries on five continents.
About Platinum Equity
Platinum Equity is a global M&A&O® 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 80 businesses with more than $24 billion in aggregate annual revenue at the time of acquisition.
Source : Owens Corning
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