Discussions regarding the plan to merge Saint-Gobain’s Reinforcements and Composites activities (part of Vetrotex) with the Reinforcements business of Owens Corning, are now focusing on a sale, rather than a jointly-owned company.
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.
For more information visit:
Subscribe to receive our weekly round-up of all the industry's latest news, jobs, events and more!