Saint-Gobain Reinforcement and Owens Corning announced today that they have entered into a joint venture agreement in order to set up a fiberglass manufacturing unit.
The broad-based technology and global manufacturing expertise that our two companies bring to this joint venture means the delivery of the highest quality glass reinforcement products to our customers" said D.Lantz and R.Caliari
Both companies will equally share this new capacity which will be sold through Saint-Gobain Vetrotex and Owens Corning international sales networks. The 50/50 joint venture will be jointly owned and operated by both companies and is expected to begin production and delivery of products in late 2004.
On a global scale, the composites market is growing at 4-5% annually.
The transaction is subject to the approval of the appropriate legal and regulatory agencies.