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8/30/2006

Owens Corning and Saint-Gobain to Merge Reinforcements Businesses

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Two leaders in the composites reinforcements business, Owens Corning, Toledo, Ohio, and Paris-based Saint-Gobain Vetrotex, have announced plans to form a joint venture.

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Two leaders in the composites reinforcements business, Owens Corning, Toledo, Ohio, and Paris-based Saint-Gobain Vetrotex, have announced plans to form a joint venture. Owens Corning would have a 60% interest and Saint-Gobain 40% in the new company to be called Owens Corning-Vetrotex Reinforcements. The deal is expected to bring purchasing and procurement benefits, operational and technology plant improvements, and reduced distribution and administrative costs. After four years, Saint-Gobain would have an option to sell its 40% stake to Owens Corning. The deal is expected to close by early 2007.
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