Upon closing, the company will pay approximately US$560 million in cash, on a cash free and debt free basis. The transaction is subject to regulatory approvals, and is expected to close in 3Q17.
Pittsburgh Corning produces FOAMGLAS® cellular glass, which is an insulation that provides water and fire resistance, high compressive strength, and long-lasting thermal protection.
Julian Francis, President of Owens Corning’s Insulation Business, said: “The acquisition of Pittsburgh Corning will further expand Owens Corning’s commercial and industrial product offering and grow our presence in Europe and Asia.
“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 fibreglass, foam, mineral fibre, and cellular glass.”
Jim Kane, Chairman, President and CEO of Pittsburgh Corning, added: “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.
“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.”
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/23052017/owens-corning-to-acquire-pittsburgh-corning/