Owens Corning has reached an agreement with Asahi Glass Co., Ltd. to acquire its composites business, including a glass manufacturing facility located near Tokyo, the US firm announced 8 December 2005…
Owens Corning has reached an agreement with Asahi Glass Co., Ltd. to acquire its composites business, including a glass manufacturing facility located near Tokyo, the US firm announced 8 December 2005. Terms were not disclosed. Owens Corning said the acquisition underscores its commitment to the Japanese market and positions the company to capitalize on emerging opportunities within the Asia Pacific region. The composites and glass fibers produced in the facility will support the growth of customers in the automotive, consumer and electrical, building and construction, and infrastructure markets, the US company said. The transaction is expected to close in the 2Q 2006. “Japan continues to be a significant growth market for Owens Corning,” said Steve Zirkel, managing director, Composite Solutions Asia Pacific – Owens Corning. “The addition of this business strategically positions Owens Corning to better serve existing customers, add new customers and increase our presence in the Asia Pacific region.” Owens Corning said the acquisition represents a continued commitment to Japan, one of the world“s largest glass fiber markets. Key patents, product formulas and innovative technologies were an instrumental part of the agreement. Combining these new technologies with Owens Corning“s current product offering will deliver a broader range of composite solutions to the market, the company said. “We“ve worked together successfully with Owens Corning in Japan for many years,” said Toru Shiraishi, president and representative director, Asahi Fiber Glass. “Based on this relationship, we explored the best option for the plant and its employees, and as a result, decided that Owens Corning provided the best opportunity for the plant“s future. As a trusted partner and leader in the global fiberglass and composite materials markets, we believe that Owens Corning“s acquisition of this facility will lead to providing better services to customers and an opportunity for continued cooperation between our companies in the future.” The transaction is subject to the approval of the United States Bankruptcy Court for the District of Delaware and other regulatory approvals.