Saint-Gobain, through its subsidiary, CertainTeed Insulation Canada, Inc., has announced the signing of an agreement to purchase Canadian fiberglass insulation manufacturer Ottawa Fibre. Under the dea…
Saint-Gobain, through its subsidiary, CertainTeed Insulation Canada, Inc., has announced the signing of an agreement to purchase Canadian fiberglass insulation manufacturer Ottawa Fibre. Under the deal, CertainTeed Insulation will acquire all of the operating assets of Ottawa Fibre for approximately CAD 41 million, as well as assume the Fund“s adjusted debt. The sale is expected to be finalized in early January 2009 following unit-holder and regulatory approvals. The acquisition includes fiberglass insulation manufacturing plants in Ottawa and Tillsonburg, Ontario and Redcliff, Alberta, as well as a ceiling tile plant in Ottawa, giving the company a consistent, domestically-produced source of CertainTeed insulation products for Canadian customers. CertainTeed is Saint-Gobain“s largest North American subsidiary and a leading brand of exterior and interior building products, including roofing, siding, windows, fence, decking, railing, trim, foundations, pipe, insulation, gypsum, ceilings and access covers in North America. Ottawa Fibre is a manufacturer and distributor of a broad range of fiberglass insulation products, including fiberglass ceiling tiles, designed for thermal and acoustical applications and destined for the Canadian, US, and international residential and non-residential/industrial markets. The company employs 240 people and has annual sales of approximately USD 73 million.