Owens Corning to exit glass reinforcements business in $755 million deal
14/02/2025 13:16
Feb 14 (Reuters) - Construction equipment maker Owens
Corning OC.N said on Friday it has agreed to sell its glass
reinforcements business to India-based Praana Group in a deal
valued at $755 million.
The deal helps Owens Corning shift its focus on
residential and commercial building products in North America
and Europe.
Owens Corning's glass reinforcements business generated
revenue of about $1.1 billion in 2024. It makes and sells glass
fiber reinforcements for use in wind energy, infrastructure,
industrial, transportation and consumer markets.
"This transaction strengthens Owens Corning as a focused,
more capital-efficient building products leader in North America
and Europe," Owens Corning CEO Brian Chambers said.
The transaction, expected to close this year, completes
Owens Corning's strategic review announced in early 2024.
Mumbai-based Praana Group also manufactures chemicals, glass
fibers and composite materials, catering to industries ranging
from construction and textiles to home and personal care.
(Reporting by Abhinav Parmar in Bengaluru; Editing by Leroy
Leo)
((Abhinav.Parmar@thomsonreuters.com;))