Owens Corning Initiates Review of Strategic Alternatives for Glass Reinforcements Business as part of Transformative Move to Strengthen Position in Building and Construction Materials
The business, which operates within the company’s Composites segment, manufactures, fabricates, and sells glass fiber reinforcements in a variety of product forms. The GR business generates annual revenues of approximately
Owens Corning’s vertically integrated glass nonwovens business that supports the Roofing segment and other building products customers, along with the recently acquired WearDeck business, remain core activities of the company and are out of the scope of this evaluation.
“We’re proud of our 85-year pioneering legacy in glass reinforcements products and technology,” said Chambers. “Our talented glass reinforcements team has consistently produced differentiated, high-quality products based on our material science expertise, deep technical knowledge, and broad application experience. We have built market-leading positions in key regions and applications, including renewable energy, which creates the opportunity to operate as a core business within another company or as a stand-alone entity focused more on industrial end markets. Throughout our review, we are committed to maintaining our strong customer relationships with the same high standards and close collaboration.”
The company has retained
A range of options are under consideration, including a potential sale, spinoff, or other strategic option. There can be no assurance that the strategic review will result in any transaction or other outcome. The company has not set a timetable for completion of the review and does not intend to disclose developments or provide updates on the progress or status of the review unless and until it deems further disclosure is appropriate or required.
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Forward-Looking Statements
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 any results projected in the statements. These risks, uncertainties and other factors include, without limitation: whether the strategic review will result in any transaction or other outcome, and the extent to which we will realize the anticipated benefits of the strategic review; levels of residential and commercial or industrial construction activity; demand for our products; industry and economic conditions including, but not limited to, supply chain disruptions, recessionary conditions, inflationary pressures, interest rate and financial markets volatility, and the viability of banks and other financial institutions; availability and cost of energy and raw materials; levels of global industrial production; competitive and pricing factors; relationships with key customers and customer concentration in certain areas; issues related to acquisitions, divestitures and joint ventures or expansions; climate change, weather conditions and storm activity; legislation and related regulations or interpretations, in
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