Saint-Gobain Sell Reinforcement and Composites Business to Owens Corning
29 July 2007
29 July 2007
Saint-Gobain has signed definitive agreements to sell its Reinforcements and Composites activities to Owens Corning.
Total consideration (excluding Saint-Gobain US reinforcement fibre activities which are to be sold independently) amounts to $640 million. The overall 2006 turnover of the activities sold to Owens Corning is EUR715 million. The closure of the transaction is scheduled by the end of 2007, subject to the agreement of relevant competition authorities.
Saint-Gobain's Textile Solutions business, serving mainly construction markets, will remain part of the Group's High-Performance Materials sector.
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