TOLEDO, Ohio, Feb. 23, 2011 /PRNewswire/ -- Owens Corning (NYSE: OC), the leading global producer of glass fiber reinforcements for composites, announced today that it has reached a definitive agreement to sell its glass fiber reinforcements plant in Capivari, Brazil, to Chongqing Polycomp International Corporation (CPIC). Owens Corning originally announced its intention to divest the facility in September, 2010.
The transaction, which is expected to close during the second quarter of 2011, is subject to regulatory approval and other customary conditions.
Following its acquisition of Saint-Gobain's reinforcements and technical fabrics businesses in 2007, Owens Corning anticipated that it might be required to divest the Capivari facility, one of more than 30 in its global network. CPIC was one of a number of potential buyers who participated in the bidding process. Owens Corning retains full ownership of its glass fiber reinforcements and fabrics facilities in Rio Claro, Brazil.
Owens Corning is the world's leading producer and provider of glass fiber reinforcements and technical fabrics in Latin America and around the globe. The company remains committed to serving customers in Brazil, Latin America and throughout the world with its patented Advantex® glass formulation used in a broad range of end-use markets including wind energy, infrastructure, pipe repair and marine.
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 56 consecutive years, Owens Corning is committed to driving sustainability by delivering solutions, transforming markets and enhancing lives. Founded in 1938, Owens Corning is a market-leading innovator of glass-fiber technology with sales of $5.0 billion in 2010 and about 15,000 employees in 28 countries on five continents. Additional information is available at www.owenscorning.com.
SOURCE Owens Corning