(RTTNews) - Owens Corning (OC), a building and construction materials company, Friday announced that it has signed a definitive agreement for the sale of its glass reinforcements business to an India-based holding company Praana Group at an enterprise value of $755 million.
The sale is expected to close in 2025.
The company is selling this as part of its plan to focus on residential and commercial building products in North America and Europe.
In 2024, Owens Corning's glass reinforcements business earned about $1.1 billion in revenue and has around 4,000 employees working across 18 sites in 12 countries.
Owens Corning will keep other parts of its Composites segment, including its glass non-wovens business, which supports its Roofing segment and building product customers, and its structural lumber business.
The company's two U.S. glass melting plants, which produce glass fibers for non-wovens, will be integrated into the Insulation segment.
In the pre-market trading, Owens Corning is 0.03% higher at $178.04 on the New York Stock Exchange.
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