Owens Corning looks to grow abroad
Owens Corning (NYSE: OC) has agreed to acquire glass insulation maker Pittsburgh Corning for $560 million. The buyer says the acquisition will help increase its presence in regions such as Europe and Asia.
Pittsburgh Corning makes glass insulation products that offer fire and water resistance along with thermal protection. The Pittsburgh-based target is known for its FoamGlas brand that is used in commercials buildings and the industrials sector. Pittsburgh Corning generated about $240 million in sales in 2016.
“The acquisition of Pittsburgh Corning will further expand Owens Corning’s commercial and industrial product offering and grow our presence in Europe and Asia,” says Julian Francis, the president of Owens Corning’s insulation business.
Owens Corning, located in Toledo, Ohio, produces roof shingles, insulation, and fiberglass materials. In 2016, the company bought InterWrap for $450 million.
Deal activity for construction materials providers, including glass makers, has been picking up in the middle market. Other deals include: Altus Capital’s purchasing of GED Integrated Solutions, a window installation-equipment maker; Aviation Industry Corp of China bought windows and doors parts maker Henniges Automotive Inc.; and Vitro S.A.B. de C.V.’s buying the flat glass manufacturing and glass coatings operations of PPG (NYSE: PPG) for $750 million.