"We have an excellent track record of growing our Roofing Components business. This transaction strengthens our capabilities to continue driving the conversion from organic to synthetic underlayments and accelerate our growth."
TOLEDO, Ohio--(BUSINESS WIRE)--Owens Corning (NYSE: OC) today announced that it has signed an agreement
to acquire InterWrap, a leading manufacturer of roofing underlayment and
packaging materials, for US$450 million. The transaction, which is
subject to regulatory clearance, is anticipated to close in the first
half of 2016.
“The acquisition of InterWrap’s products, brands, and technology will
significantly expand Owens Corning’s position in the Roofing Components
segment,” said Brian Chambers, president of Owens Corning’s Roofing and
Asphalt Business. “We have an excellent track record of growing our
Roofing Components business. This transaction strengthens our
capabilities to continue driving the conversion from organic to
synthetic underlayments and accelerate our growth.
“InterWrap is a pioneer in the synthetic underlayment and packaging
industries,” Chambers added. “Owens Corning has a proud history of
innovating in building materials, and the addition of the InterWrap team
will enhance our ability to expand into new applications and markets to
create value for our customers.”
InterWrap operates facilities in the United States, Canada, India and
China. They primarily produce synthetic roofing underlayment, including
the Titanium® and RhinoRoof® brands, and lumber
and metal packaging products, including the Duramet® and
WeatherPro® brands. InterWrap reported 2015 sales of US$250
“The InterWrap team should be extremely proud of what we have
accomplished and the kind of company and culture we have built
together,” said InterWrap CEO Eduardo Lozano. “This decision was made
with the best interests of our employees and with our customers in mind.
InterWrap and Owens Corning are organizations known for leading
innovation and creating value in the markets they serve. I can assure
our people and our customers that Owens Corning appreciates our history
and will provide a very bright future.”
About Owens Corning
Owens Corning (NYSE: OC) develops, manufactures and markets insulation,
roofing, and fiberglass composites. Global in scope and human in scale,
the company’s market-leading businesses use their deep expertise in
materials, manufacturing and building science to develop products and
systems that save energy and improve comfort in commercial and
residential buildings. Through its glass reinforcements business, the
company makes thousands of products lighter, stronger and more durable.
Ultimately, Owens Corning people and products make the world a better
place. Based in Toledo, Ohio, Owens Corning posted 2015 sales of $5.4
billion and employs about 15,000 people in 25 countries. It has been a
Fortune 500® company for 61 consecutive years. For more information,
please visit www.owenscorning.com.
InterWrap is a global leader in the manufacturing and distribution of
extrusion coated woven solutions and diverse multilayer laminated
reinforced plastic substrates. International manufacturing and
distribution facilities located in North America, Europe, India and
China, allow InterWrap the competitive advantage to deliver a coated
woven solution better and faster anywhere in the world. For more
information, please visit www.interwrap.com
This news release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of
the Securities Exchange Act of 1934. These forward-looking statements
are subject to risks, uncertainties and other factors and actual results
may differ materially from those results projected in the statements.
These risks, uncertainties and other factors include, without
limitation, issues related to acquisitions and the achievement of
expected synergies and cost reductions and/or productivity improvements
and factors detailed from time to time in the company’s Securities and
Exchange Commission filings. The information in this news release speaks
as of February 24, 2016, and is subject to change. The company does not
undertake any duty to update or revise forward-looking statements except
as required by federal securities laws.
Owens Corning Media: Matt Schroder, 419-248-8987 or Investors: Thierry Denis, 419-248-5748