16 March 2001
16 March 2001
Owens Corning has sold nearly all of its Engineered Pipe Systems business to Saudi Arabian Amiantit Company, a joint stock company headquartered in Dammam, Saudi Arabia, and listed on the Riyadh Stock Exchange. Terms of the sale were not disclosed.
Engineered Pipe Systems manufactures and sells large-diameter glass- reinforced plastic (GRP) pipe for the transport of water and wastewater. Amiantit is globally active in many different pipe technologies and is a leading manufacturer of GRP pipe and other types of pipe used in different applications. The company has been a business and joint venture partner with Owens Corning since 1977.
The sale includes two legal entities in Sandefjord, Norway: Flowtite Technology AS, the creator, owner, and licensor of the fiberglass pipe technology, and which is responsible for engineering, sales of equipment and spare parts, research and development, and licensee support; Flowtite AS, the shareholder of pipe manufacturing interests around the world including joint ventures, affiliates and operations in Argentina, France, Germany, Norway, Saudi Arabia, and Spain. Also included in the sale are the shares held by a subsidiary of EPS in a joint venture in Botswana, and a pipe manufacturer in India.
The units were both subsidiaries of Engineered Pipe Systems Inc., a U.S.- based holding company that is an indirect wholly owned subsidiary of Owens Corning. Excluded from the sale are shares held by Owens Corning in a joint venture in Turkey.
Owens Corning is a world leader in building materials systems and composites systems. The company has sales of about $5 billion and employs approximately 20,000 people worldwide. For more information, please visit the Owens Corning or Flowtite Web sites.