Owens Corning to Acquire Cellular Glass Manufacturer
Owens Corning has signed an agreement to acquire Pittsburgh Corning, the world’s leading producer of cellular glass insulation systems for commercial and industrial markets. Upon closing, the company will pay approximately US$560 million in cash. The transaction, which is subject to regulatory approvals, is anticipated to close in the third quarter of 2017.
Pittsburgh Corning produces Foamglas cellular glass, a sustainable, high performance insulation offering water and fire resistance, high compressive strength and long-lasting thermal protection.
The company employs over 1,100 people in 17 countries. It operates facilities in the United States, Belgium, Czech Republic and China. Pittsburgh Corning delivered 2016 sales of over $240 million.