Owens Corning announced 1 May 2008 that it has completed the sale of two composite manufacturing plants to Platinum Equity. The facilities are located in Battice, Belgium, and Birkeland, Norway.
The …
Owens Corning announced 1 May 2008 that it has completed the sale of two composite manufacturing plants to Platinum Equity. The facilities are located in Battice, Belgium, and Birkeland, Norway. The aggregate gross purchase price for the sale was EUR 155 million (USD 242 million). After costs associated with the transaction and to position the business as an ongoing concern, Owens Corning expects to realize net proceeds of approximately USD 197 million, consisting of cash proceeds of USD 184 million plus the assumption of certain liabilities by the purchaser. As a result of the sale, Owens Corning recorded an additional impairment charge of approximately USD 10 million in the 1Q of 2008. These amounts are subject to post-closure adjustments. Owens Corning previously announced that it reached a definitive agreement to sell the two facilities to address regulatory concerns associated with Owens Corning“s acquisition of Saint-Gobain“s reinforcements and composite fabrics businesses on 1 November 2007. The sale implements European regulatory requirements. In addition to the manufacturing facilities, the transaction includes the transfer of other assets related to the ongoing operation of the facilities, including intellectual property rights and precious metals used in production tooling.