Owens Corning announces purchase of bushing facility in China Purchase completes OC global footprint to serve fastest growing glass fiber region in the world
TOLEDO, Ohio, March 7, 2013 /PRNewswire/ -- Owens Corning (NYSE: OC), a leading global producer of glass fiber reinforcements for composite systems and residential and commercial building materials, has announced an agreement with Tanaka Kikinzoku Kogyo K.K and Tanaka Kikinzoku International K. K. (collectively referred as "Tanaka") to purchase Tanaka Kikinzoku (Suzhou) Co., Ltd (TKS). TKS is a producer of glass fiber bushings and other parts which service various glass industries in China and has been operating since 2006. TKS will become a part of Owens Corning GlassMetal Services, a wholly owned business unit which makes glass fiber bushings and related parts for the glass fiber industry.
This purchase only involves Tanaka's TKS business. Both Owens Corning and Tanaka have other bushing business concerns globally. According to Owens Corning Composite Solutions Business President Arnaud Genis, "The acquisition of TKS gives Owens Corning the ability to better serve China which is the largest and fastest growing glass fiber country in the world." Genis continues, "This completes Owens Corning's global footprint of bushing facilities which include additional locations in Singapore, the U.S., Brazil, and Russia and services both internal Owens Corning needs and the needs of other glass fiber producers."
About Owens Corning
Owens Corning (NYSE: OC) 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 58 consecutive years, Owens Corning is committed to driving sustainability by delivering solutions, transforming markets and enhancing lives. Celebrating its 75th anniversary in 2013, Owens Corning is a market-leading innovator of glass-fiber technology with sales of $5.2 billion in 2012 and approximately 15,000 employees in 27 countries on five continents. Additional information is available at www.owenscorning.com.
Over the years since its establishment in 1885, Tanaka Kikinzoku Kogyo K.K., (Kikinzoku meaning "precious metals" and Kogyo meaning "industries"), has created a group of affiliated companies, first in Japan and later throughout the world, to engage in a diversified range of business activities involving precious metals, including precious metal investment and fine jewelry sales. Tanaka has long been Japan's largest precious metals trader and holds certifications from the LBMA (London Bullion Market Association) and the LPPM (London Platinum & Palladium Market) for the assaying and refereeing of gold and silver, and platinum and palladium, respectively. The Tanaka Group companies have also been continuing to strengthen their position as world leaders in the manufacture and sale of key industrial products made from precious metals. As consummate professionals in field of precious metals and related products, the Tanaka Group companies pledge themselves to contributing to the enrichment of the lives of people throughout the world.
SOURCE Owens Corning