US building materials maker Owens Corning said on 31 March 2008 that it expects the USD 225 million sale of two plants in Belgium and Norway to close in the 2Q 2008, rather than the 1Q.
The delay in …
US building materials maker Owens Corning said on 31 March 2008 that it expects the USD 225 million sale of two plants in Belgium and Norway to close in the 2Q 2008, rather than the 1Q. The delay in completing the sale of its composite manufacturing plants in Battice, Belgium and Birkeland, Norway, were related to a review by the European Commission, Owens Corning said in a filing with the US Securities and Exchange Commission. In January 2008, the company said it expected the transaction to close during the 1Q of 2008. Based on the current status of the EU review, it now expects completion in the 2Q. The company has said the sale to Platinum Equity Capital Partners International II, L.P. is part of its effort to address regulatory issues arising from its acquisition in 2007 of Saint-Gobain“s reinforcements and composite fabrics businesses.