Commission Chair Paula Rebstock said that the Commission was satisfied that the proposed acquisition would not have, or would not be likely to have, the effect of substantially lessening competition in any of the relevant markets.
Owens Corning is an American-based building products company, with a number of manufacturing plants located throughout the world. Among other things, Owens Corning currently supplies glass fibre reinforcements into New Zealand through third party distributors.
Compagnie de Saint-Gobain is a French company that also supplies glass fibre reinforcements internationally. In New Zealand, Compagnie de Saint-Gobain distributes these products through its Australia-based subsidiary.
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Owens Corning Cleared To Acquire Saint-Gobain Vetrotex
The Commerce Commission has cleared Owens Corning to acquire from Compagnie de Saint-Gobain the glass fibre reinforcement assets of its Saint-Gobain Vetrotex division, insofar as the acquisition would affect any market in New Zealand.