Owens Corning has announced that it has reached a definitive agreement to sell its glass fiber reinforcements plant in Capivari, Brazil, to Chongqing Polycomp International Corporation (CPIC), which w…
Owens Corning has announced that it has reached a definitive agreement to sell its glass fiber reinforcements plant in Capivari, Brazil, to Chongqing Polycomp International Corporation (CPIC), which was originally announced in September 2010. The transaction is expected to close during the second quarter of 2011, and is subject to regulatory approval and other customary conditions. Owens Corning had anticipated that it might be required to divest the Capivari facility, one of more than 30 in its global network, following its acquisition of Saint-Gobain“s reinforcements and technical fabrics businesses in 2007. CPIC was one of a number of potential buyers who participated in the bidding process. Owens Corning retains full ownership of its glass fiber reinforcements and fabrics facilities in Rio Claro, Brazil and remains committed to serving customers in Brazil, Latin America and throughout the world with its patented Advantex glass formulation used in a broad range of end-use markets including wind energy, infrastructure, pipe repair and marine. Founded in 1938, Owens Corning is a market-leading innovator of glass-fiber technology with sales of USD 5.0 billion in 2010 and about 15,000 employees in 28 countries on five continents.