Owens Corning to Acquire High-Performance Cellular Glass Manufacturer Pittsburgh Corning

FOAMGLAS® Insulation research and development
Photo source
www.pghcorning.com

Date: 16 May 2017

Transaction Provides Greater Access to Attractive Markets and Increases Global Scope of Owens Corning Insulation.

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.”

600450 Owens Corning to Acquire High-Performance Cellular Glass Manufacturer Pittsburgh Corning glassonweb.com

See more news about:

Others also read

Abrisa Technologies has acquired Agama Glass Technologies, strengthening its East Coast presence and adding advanced glass etching capabilities to its portfolio.
From 12 to 14 June 2025, CMS Open House in Zogno (BG), Italy, will showcase live demos, factory tours, and the latest CNC and digital innovations.
Cornwall Group celebrates 25 years of partnership with Saint-Gobain Glass, built on shared values of quality, innovation, and resilience.
GPD 2025 is gathering the glass industry together to share latest insights, and celebrate the great work done by the distinguished people in the industry.
FOREL North America is pleased to announce the appointment of Chris Campbell as Area Sales Manager for Western Canada and the USA, effective today.
Schiatti Angelo Srl is proud to introduce GTW as one of its valued agents in the German market.

Add new comment

From industry

NEWS RELATED PRODUCTS

Diamon-Fusion International, Inc.
Diamon-Fusion International, Inc.
Diamon-Fusion International, Inc.
Diamon-Fusion International, Inc.