Compagnie de Saint-Gobain
02 November 2007
November 1st, 2007
Saint-Gobain completes the sale of its Reinforcements and Composites businesses
to Owens Corning
Saint-Gobain announces the completion of the sale of its Reinforcements and
Composites businesses (excluding US fiber reinforcement activities) to Owens
Corning effective November 1, 2007, following the approval of the European
competition authorities. Originally set to take place in two phases, the first
of which was to be a 60%-40% joint venture with Owens Corning, the divestment
was accelerated in July 2007, resulting in the sale of the entire businesses in
a single transaction.
As previously mentioned, the Textile Solutions business, mainly serving
construction markets and posting sales of €520 million in 2006, will remain part
of Saint-Gobain's High-Performance Materials sector.
This transaction, with an enterprise value of $640 million, is part of the
Saint-Gobain Group's strategic plan to refocus on construction markets, which
began with the acquisition of British Plasterboard in December 2005 and was
followed by the sale of Calmar (plastic dispensing and spraying systems) for
$745 million in April 2006 and Desjonqueres (specialty bottles) for €690 million
in March 2007.
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