Owens Corning has signed an agreement to acquire Pittsburgh Corning, the world’s leading producer of cellular glass insulation systems for commercial and industrial markets.
Upon closing, the company will pay approximately $560 million in cash, on a cash free and debt free basis.
The transaction, which is subject to regulatory approvals, is anticipated to close in the third quarter of 2017.
Pittsburgh Corning produces FOAMGLAS® cellular glass, a sustainable, high performance insulation offering water and fire resistance, high compressive strength and long-lasting thermal protection. This unique combination of properties makes FOAMGLAS® the insulation of choice for low-temperature industrial applications and in premier commercial buildings around the world. Pittsburgh Corning also offers an extensive line of accessory products.
Pittsburgh Corning employs over 1,100 people in 17 countries. It operates facilities in the United States, Belgium, Czech Republic and China. Pittsburgh Corning delivered 2016 sales of over $240 million.
Jones Day is advising Owens Corning on the deal with a team led by partner Peter Izanec (picture) alongside associate Ann Bomberger.
Law Firms: Jones Day;
Clients: Owens Corning;