Owens Corning to buy Modulo/ParMur Group for $32 million

By Jennifer Lanning Drey

Eugene, Ore., July 25 - Owens Corning signed a $32 million agreement to acquire The Modulo/ParMur Group, according to a company news release.

Owens Corning said the acquisition will help the Owens Corning Cultured Stone business to expand in the European building products market.

The Modulo/ParMur Group, based in Bray-sur-Seine, France, designs, manufactures and markets manufactured stone veneer wall and floor products. The company also operates manufacturing facilities in Forbach, France, and Turda, Romania.

The transaction is expected to close in September and is subject to regulatory and judicial approval, according to the release.

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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