Owens Corning Acquires Outstanding Shares Of Mexican Joint Venture
April 12, 2004
Owens Corning has acquired from Vitro S.A. de C.V. the outstanding shares of the holding company that owns Vitro Fibras, a Mexico-based joint venture of the companies, for $71.5 million. Owens Corning previously held a 40% ownership position in the joint venture, which was formed in 1957. "This move opens numerous growth opportunities for Owens Corning in the United States, Mexico and Latin America," said Owens Corning CEO Dave Brown. "We are excited to be in a position to serve new customers in these regions, and further support our current customers by leveraging this new manufacturing capacity." The production facilities manufacture a wide range of light-density, fiber glass products, as well as molded pipe, board and composite reinforcements. The acquisition adds manufacturing operations in Mexico City and three OEM fabrication facilities located in Mexicali, Monterrey and San Luis Potosi, Mexico, to Owens Corning's operations in North America.
For more information, call (800) GET-PINK or visit http://www.owenscorning.com.