Owens Corning to Take over Asahi Fiber Glass' Continuous Glass Fiber Business in 2006

Asahi Fiber Glass, a wholly owned subsidiary of Asahi Glass, announced on December 8 that it has reached a basic agreement with Owens Corning of Ohio on a future business acquisition.

Under the agreement, Owens Corning will buy Asahi Fiber Glass' continuous glass fiber operation including its Ibaraki plant by the first half of Q2 2006. The Ibaraki plant, which was built in 1970 and introduced a direct melt process provided by Owens Corning, has been exclusively manufacturing continuous glass fiber products.

The companies will not disclose financial terms of the agreement. With this move, Owens Corning aims to boost its operations in Japan as well as in the Asia-Pacific region.

600450 Owens Corning to Take over Asahi Fiber Glass' Continuous Glass Fiber Business in 2006 glassonweb.com

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