Owens Corning (NYSE:OC) today announced that it has signed an agreement to acquire Pittsburgh Corning, the world’s leading producer of cellular glass insulation systems for commercial and industrial markets.
Upon closing, the company will pay approximately $560 million in cash, on a cash free and debt free basis. The transaction, which is subject to regulatory approvals, is anticipated to close in the third quarter of 2017.
Pittsburgh Corning produces FOAMGLAS® cellular glass, a sustainable, high performance insulation offering water and fire resistance, high compressive strength and long-lasting thermal protection.
This unique combination of properties makes FOAMGLAS® the insulation of choice for low-temperature industrial applications and in premier commercial buildings around the world. Pittsburgh Corning also offers an extensive line of accessory products.
“The acquisition of Pittsburgh Corning will further expand Owens Corning’s commercial and industrial product offering and grow our presence in Europe and Asia,” said Julian Francis, president of Owens Corning’s Insulation Business. “The addition of Pittsburgh Corning will build on our core glass technologies and accelerates our progress in making Owens Corning the leading provider of insulation solutions with fiberglass, foam, mineral fiber, and cellular glass.”
Pittsburgh Corning employs over 1,100 people in 17 countries. It operates facilities in the United States, Belgium, Czech Republic and China. Pittsburgh Corning delivered 2016 sales of over $240 million.
“The combination of Pittsburgh Corning and Owens Corning will provide a tremendous opportunity to better serve our customers, grow our business and enhance career opportunities for our employees,” said Jim Kane, chairman, president and CEO of Pittsburgh Corning. “The Pittsburgh Corning team is proud of the 80-year heritage of our company and is looking forward to a bright future as part of Owens Corning.”