Owens Corning is to sell its 49% interest in Advanced Glassfiber Yarns LLC (AGY) of Aiken, South Carolina. AGY is a joint venture between Owens Corning and Porcher Industries SA which supplies glass y…
Owens Corning is to sell its 49% interest in Advanced Glassfiber Yarns LLC (AGY) of Aiken, South Carolina. AGY is a joint venture between Owens Corning and Porcher Industries SA which supplies glass yarns, and has sales on US$ 300 million per year, but Owens Corning says it is selling to meet its cash flow goals. It would be many years before AGY could pay a significant cash dividend to Owens Corning, which said it wishes to concentrate on businesses that produce significant operating cash flows.