Terms were not disclosed.
The acquisition underscores Owens Corning's commitment to the Japanese market and positions the company to capitalize on emerging opportunities within the Asia Pacific region. The composites and glass fibers produced in this facility will support the growth of customers in the automotive, consumer and electrical, building and construction, and infrastructure markets. The transaction is expected to close in the second quarter of 2006.
"Japan continues to be a significant growth market for Owens Corning," said Steve Zirkel, managing director, Composite Solutions Asia Pacific - Owens Corning. "The addition of this business strategically positions Owens Corning to better serve existing customers, add new customers and increase our presence in the Asia Pacific region."
This acquisition represents a continued commitment to Japan, one of the world's largest glass fiber markets, and reinforces the company's position as a world leader in building materials and composite systems. Key patents, product formulas and innovative technologies were an instrumental part of the agreement. Combining these new technologies with Owens Corning's current product offering will deliver a broader range of composite solutions to the market.
"We've worked together successfully with Owens Corning in Japan for many years," said Toru Shiraishi, president and representative director - Asahi Fiber Glass. "Based on this relationship, we explored the best option for the plant and its employees, and as a result, decided that Owens Corning provided the best opportunity for the plant's future. As a trusted partner and leader in the global fiber glass and composite materials markets, we believe that Owens Corning's acquisition of this facility will lead to providing better services to customers and an opportunity for continued cooperation between our companies in the future."