Owens Corning agrees to buy Asahi Glass composites business, glass-manufacturing facility

By Caroline Salls

Pittsburgh, Dec. 8 - Owens Corning has reached an agreement with Asahi Glass Co., Ltd. to acquire its composites business, including a glass manufacturing facility located near Tokyo, according to a company news release.

Terms of the deal were not disclosed. The transaction is expected to close in the second quarter of 2006.

According to the release, the acquisition underscores Owens Corning's commitment to the Japanese market and positions the company to capitalize on emerging opportunities within the Asia Pacific region.

The company said 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 composites and glass fibers produced in this facility are expected to support the growth of customers in the automotive, consumer and electrical, building and construction and infrastructure markets.

"Japan continues to be a significant growth market for Owens Corning," Composite Solutions Asia Pacific - Owens Corning managing director Steve Zirkel said in the release.

"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."

The transaction is subject to the approval of the U.S. Bankruptcy Court for the District of Delaware and other regulatory approvals.

Owens Corning, a Toledo, Ohio, building materials company, filed for bankruptcy on Oct. 5, 2000. Its Chapter 11 case number is 00-3837.

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