Insulation industry news from Global Insulation

US: Owens Corning has launched an offer to exchange any and all outstanding 3.5% senior notes due 2030 issued by Masonite International Corporation for new notes to be issued by Owens Corning. Masonite is currently soliciting consents to adopt proposed amendments to the indenture governing its existing notes, aiming to eliminate certain covenants, restrictive provisions and events of default from the indenture.

The parties agreed to Owens Corning’s acquisition of Masonite in February 2024, and expect to complete the deal in mid-2024.

US: Owens Corning has agreed to acquire all outstanding shares of door systems producer Masonite International Corporation for US$3.9bn. This acquisition marks a diversification into the residential building sector for Owens Corning, providing it with a new growth platform on which to leverage its capabilities.

Owens Corning chair and CEO Brian Chambers said "We are excited by this opportunity to add a scalable new growth platform for our company. Masonite is a market leader that complements our existing residential interior and exterior product offering and has consistently demonstrated top-line growth and margin expansion. The combination of our commercial, operational and innovation capabilities allows us to accelerate our long-term enterprise growth strategy with a clear line of sight to meaningful synergies and increased cash flow generation. We look forward to welcoming the talented Masonite team to Owens Corning and working with them to deliver enhanced value to customers and shareholders.”