Owens Corning to Acquire Pittsburgh Corning
Upon closing, the company will pay approximately $560 million in cash, on a cash- and debt-free basis.
Owens Corning recently announced that it has signed an agreement to acquire Pittsburgh Corning. Upon closing, the company will pay approximately $560 million in cash, on a cash- and debt-free basis. The transaction, which is subject to regulatory approvals, is anticipated to close in the third quarter.
“The acquisition of Pittsburgh Corning will further expand Owens Corning’s commercial and industrial product offering and grow our presence in Europe and Asia,” said Julian Francis, president of Owens Corning’s insulation business. “The addition of Pittsburgh Corning will build on our core glass technologies and accelerates our progress in making Owens Corning the leading provider of insulation solutions with fiberglass, foam, mineral fiber, and cellular glass.”
“The combination of Pittsburgh Corning and Owens Corning will provide a tremendous opportunity to better serve our customers, grow our business and enhance career opportunities for our employees,” said Jim Kane, chairman, president and CEO of Pittsburgh Corning. “The Pittsburgh Corning team is proud of the 80-year heritage of our company and is looking forward to a bright future as part of Owens Corning.”