Saint Gobain: Advanced Discussions On A Project To Sell The Reinforcement And Composites Business To Owens Corning

Saint-Gobain announces that discussions regarding the plan to merge its Reinforcements and Composites activities (part of the entity Vetrotex) with the Reinforcements business of Owens Corning, are now focusing on a sale project of Saint- Gobain’s businesses to Owens Corning, rather than on the creation of a jointly-owned company which had been signed by the two groups on February 20, 2007 (cf.

Saint- Gobain Press release of February 21, 2007 and July 27, 2006).

Saint-Gobain has retained its US reinforcement fiber activities based at Wichita Falls, Texas, which will be sold independently of the entities sold to Owens Corning. In response to the concerns voiced by the European Commission, Owens Corning has today made public its plans to divest its industrial entities in Belgium and Norway.

A consultation process is underway with the relevant employee representative bodies. The closure of this transaction would be scheduled by the end of 2007, and would be subject to the agreement of the competition authorities in Europe. As initially planned, Saint-Gobain’s Textile Solutions business, serving mainly

construction markets, will remain part of the Group’s High-Performance Materials sector.

600450 Saint Gobain: Advanced Discussions On A Project To Sell The Reinforcement And Composites Business To Owens Corning
Date: 18 July 2007
Source: Saint Gobain

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