Owens buys glass nonwovens & fabric units of Ahlstrom
January 23, 2016 - United States Of America
Owens Corning is acquiring the glass nonwovens and fabrics businesses of Finland based Ahlstrom for $79.5 million and anticipates to close the transaction in the first half of 2016.
As per an Owens Corning press release, the assets to be acquired by Owens Corning include operations in Karhula and Mikkeli, Finland, and Tver, Russia.
Collectively, the facilities employ approximately 260 people and reported 2014 sales of $85 million.
The operations in Karhula and Tver produce glass nonwovens, primarily for flooring applications and the facility in Mikkeli produces fabrics, primarily for the wind energy market.
According to the company, the addition of the Ahlstrom assets will strengthen Owens Corning’s position as a global leader in the nonwovens and wind energy, high-modulus glass, and specialty fabrics segments.
“In doing so, it will also provide a broader, multi-region supply base across Europe, North America, and Russia to serve customers efficiently,” it said.
“The transaction also reflects our commitment to growing our downstream composites businesses with our investment in the construction of a new glass nonwovens facility in Gastonia, USA,” Owens added.
“The planned acquisition of Ahlstrom’s glass nonwovens and fabrics businesses is a winning combination,” said Arnaud Genis, group president of Owens Corning’s Composite Solutions Business.
“This is a highly complementary acquisition that will provide new revenue, technology, talent, and access to markets,” Genis too added.
Marco Levi, CEO of Ahlstrom also said, “We are happy to have found Owens Corning as the buyer as it’s vertically integrated and has ample resources to develop the glass fibre business further.”
“We also believe this is a good solution for the unit’s employees transferring to the new owner,” the Ahlstrom CEO informed.
Owens Corning develops, manufactures and markets insulation, roofing and fiberglass composites and through its glass reinforcements business, makes thousands of products lighter, stronger and more durable.
Owens Corning posted 2014 sales of $5.3 billion and employs about 15,000 people in 26 countries and has been a Fortune 500 company for 61 consecutive years. (AR)
As per an Owens Corning press release, the assets to be acquired by Owens Corning include operations in Karhula and Mikkeli, Finland, and Tver, Russia.
Collectively, the facilities employ approximately 260 people and reported 2014 sales of $85 million.
The operations in Karhula and Tver produce glass nonwovens, primarily for flooring applications and the facility in Mikkeli produces fabrics, primarily for the wind energy market.
According to the company, the addition of the Ahlstrom assets will strengthen Owens Corning’s position as a global leader in the nonwovens and wind energy, high-modulus glass, and specialty fabrics segments.
“In doing so, it will also provide a broader, multi-region supply base across Europe, North America, and Russia to serve customers efficiently,” it said.
“The transaction also reflects our commitment to growing our downstream composites businesses with our investment in the construction of a new glass nonwovens facility in Gastonia, USA,” Owens added.
“The planned acquisition of Ahlstrom’s glass nonwovens and fabrics businesses is a winning combination,” said Arnaud Genis, group president of Owens Corning’s Composite Solutions Business.
“This is a highly complementary acquisition that will provide new revenue, technology, talent, and access to markets,” Genis too added.
Marco Levi, CEO of Ahlstrom also said, “We are happy to have found Owens Corning as the buyer as it’s vertically integrated and has ample resources to develop the glass fibre business further.”
“We also believe this is a good solution for the unit’s employees transferring to the new owner,” the Ahlstrom CEO informed.
Owens Corning develops, manufactures and markets insulation, roofing and fiberglass composites and through its glass reinforcements business, makes thousands of products lighter, stronger and more durable.
Owens Corning posted 2014 sales of $5.3 billion and employs about 15,000 people in 26 countries and has been a Fortune 500 company for 61 consecutive years. (AR)