Saint-Gobain recently announced the completion of the sale of its Reinforcements and Composites businesses (excluding U.S. fiber reinforcement activities) to Owens Corning, effective November 1, 2007, following the approval of the European competition authorities. Originally set to take place in two phases, the first of which was to be a 60-40% joint venture with Owens Corning, the divestment was accelerated in July 2007, resulting in the sale of the entire businesses in a single transaction.
The Textile Solutions business, mainly serving construction markets and posting sales of €520 million (~ $752 million), will remain part of Saint-Gobain’s High-Performance Materials sector.
This transaction, with an enterprise value of $640 million, is part of the Saint-Gobain Group’s strategic plan to focus on construction markets, which began with the acquisition of British Plasterboard in December 2005 and was followed by the sale of Calmar in April 2006 and Desjonquères in March 2007.
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