Owens Corning (Toledo, Ohio) announced in mid-July that it will divest two glass fiber plants in Battice, Belgium, and Birkelend, Norway. The sale addresses regulatory concerns about the company’s previously announced joint venture with Saint-Gobain Vetrotex (Chambery, France and Valley Forge, Pa.). Owens Corning also revealed that it is currently in discussions with Saint-Gobain regarding the potential conversion of the proposed joint venture into an outright acquisition of the Vetrotex business. Should such conversion occur, it is expected that the planned sale of the glass facilities would go forward to address regulatory concerns associated with the acquisition transaction.
For its part, Saint-Gobain confirmed that acquisition discussions are taking place. Saint-Gobain has retained its U.S. reinforcement fiber activities based at Wichita Falls, Texas, which will be sold independently of the entities sold to Owens Corning. Closure of an acquisition, says Saint-Gobain, would be scheduled by year’s end, subject to the agreement of competition authorities in Europe.
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Closure of an acquisition, says Saint-Gobain, would be scheduled by year’s end, subject to the agreement of competition authorities in Europe.business for sell
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