Owens Corning Sells Engineered Pipe Systems Business
March 20, 2001
Owens Corning recently announced the sale of nearly all of its Engineered Pipe Systems business to Amiantit Co., a joint stock company headquartered in Dammam, Saudi Arabia. Terms of the sale were not disclosed. Engineered Pipe Systems manufactures and sells large- diameter glass-reinforced plastic (GRP) pipe for the transport of water and wastewater. Amiantit is globally active in many different pipe technologies and is a leading manufacturer of GRP pipe and other types of pipe used in different applications. The company has been a business and joint venture partner with Owens Corning since 1977. The sale includes two legal entities in Sandefjord, Norway -- Flowtite Technology AS and Flowtite AS. Also included in the sale are the shares held by a subsidiary of EPS in a joint venture in Botswana, and a pipe manufacturer in India. The units were both subsidiaries of Engineered Pipe Systems Inc., a U.S.- based holding company that is an indirect wholly owned subsidiary of Owens Corning. Excluded from the sale are shares held by Owens Corning in a joint venture in Turkey.