Owens Corning (OWENQ.OB: Quote, Profile, Research) , the building materials company, on Friday said it bought Mexican company Vitro SA de CV's (VITROA.
MX: Quote, Profile, Research) 60 percent stake in the Vitro Fibras joint venture for $71.5 million.
The venture, in which Owens Corning held the remaining 40 percent stake, was formed in 1957 and makes light-density, fiberglass products as well as molded pipe, board and composite reinforcements. It had $64 million of sales last year.
Dave Brown, chief executive of Toledo, Ohio-based Owens Corning, said the purchase "opens numerous growth opportunities ... in the United States, Mexico and Latin America."
Owens Corning, known for its Pink Panther mascot, sought Chapter 11 bankruptcy protection in 2000. It said Lazard Freres & Co. advised it on the Vitro transaction.