Owens Corning acquires Pittsburgh Corning

Owens Corning has agreed to acquire Pittsburgh Corning, a producer of cellular glass insulation systems for commercial and industrial markets.

Pittsburgh Corning produces Foamglas cellular glass, a sustainable, high-performance, water- and fire-resistant insulation with high compressive strength and long-lasting thermal protection. The company also offers an extensive line of accessory products.

Owens Corning will pay $560 million in cash, with the deal expected to close in the third quarter of this year.

“The acquisition of Pittsburgh Corning will further expand Owens Corning’s commercial and industrial product offering and grow our presence in Europe and Asia,” said Julian Francis, president of Owens Corning’s Insulation Business. “The addition of Pittsburgh Corning will build on our core glass technologies and accelerates our progress in making Owens Corning the leading provider of insulation solutions with fiberglass, foam, mineral fiber, and cellular glass.”

Pittsburgh Corning employs over 1,100 people in 17 countries, with facilities in the United States, Belgium, Czech Republic and China. Pittsburgh Corning delivered 2016 sales of over $240 million.

“The combination of Pittsburgh Corning and Owens Corning will provide a tremendous opportunity to better serve our customers, grow our business and enhance career opportunities for our employees,” said Jim Kane, chairman, president and CEO of Pittsburgh Corning. “The Pittsburgh Corning team is proud of the 80-year heritage of our company and is looking forward to a bright future as part of Owens Corning.”