US: Owens Corning has signed an agreement to acquire Pittsburgh Corning, a producer of cellular glass insulation systems for commercial and industrial markets. Upon closing, the company will pay approximately US$560m 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.
“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. He added that the purchase will build Owen Corning’s core glass technologies.
Pittsburgh Corning employs over 1100 people in 17 countries. It operates facilities in the US, Belgium, Czechia and China. It produces Foamglas cellular glass, an insulation used for low-temperature industrial applications and in commercial buildings. The company also offers a line of accessory products. Pittsburgh Corning reported sales of over US$240m in 2016.