Owens Corning Completes Sale Of Two Plants
Thu, 05/01/2008 - 6:25am
TOLEDO, Ohio -- Owens Corning completed today the sale of two composite manufacturing plants to Platinum Equity. The facilities are located in Battice, Belgium, and Birkeland, Norway.
The purchase price for the sale was euro 155 million ($242 million). After costs associated with the transaction, Owens Corning expects to net proceeds of approximately $197 million.
Owens Corning previously announced that it reached a definitive agreement to sell the two facilities to address European regulatory concerns associated with Owens Corning's acquisition of Saint-Gobain's reinforcements and composite fabrics businesses on November 1, 2007.