 On July 27, Saint-Gobain and Owens Corning announced plans to establish a joint venture, bringing together the two companies’ reinforcements and composites businesses. This partnership would establish a global company in reinforcement and composite fabric products with worldwide revenues of approximately $1.8 billion.
After analyzing the possible regulatory issues relating to the proposed joint venture, Saint-Gobain has decided that Saint-Gobain Vetrotex America will be excluded from the joint venture. Saint-Gobain is therefore announcing today its intention to divest its Vetrotex America business, which employs 760 people at 4515, Allendale Road, Wichita Falls, Texas.
Ron Lane, President of Saint-Gobain Vetrotex America, said: “Saint-Gobain Vetrotex America is a strong and viable business, with a dedicated, experienced workforce. We believe that a new owner will be able to continue fostering new growth opportunities in key markets and provide a stable long term future for the business and its employees. We will work closely with our employees to ensure a smooth transition to the new ownership.”
The international Saint-Gobain Group, based in Paris, France, specializes in the design, production and distribution of construction and high performance materials. Established in more than 50 countries, it is the market leader in each of its core businesses. In 2005, it achieved sales of more than $40 billion with around 200,000 employees worldwide.
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