On July 27, 2006, Owens Corning and Saint-Gobain jointly announced that they were in discussions to merge their respective reinforcements and composites businesses, creating a global company in reinforcements and composite fabrics products, with worldwide revenues of $1.8 billion (€1.5 billion) and 10,000 employees.
The agreement stipulates that the joint-venture will be owned 60% by Owens Corning and 40% by Saint-Gobain. After a minimum of four years, Saint-Gobain will have the option to sell its stake to Owens Corning, and Owens Corning will have the option to buy Saint-Gobain’s stake.
The Owens Corning Saint-Gobain joint-venture expects benefits in purchasing and procurement; operational and technological plant improvements; improved distribution costs; reduced administrative costs; and asset management optimization.
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Owens Corning, Saint Gobain Merge Reinforcements Businesses
Owens Corning and Saint-Gobain have agreed to merge Owens Corning’s Reinforcements Business and Saint-Gobain’s Reinforcements and Composites Business (a part of the entity known as Vetrotex) into a new company that will be named OCV Reinforcements.