Owens Corning makes it official with Pittsburgh Corning

Owens Corning has officially acquired Pittsburgh Corning, bringing a complex chapter of bankruptcy filings to a close for the cellular glass insulation manufacturer.

Pittsburgh Corning was previously a joint venture between Corning Inc. and PPG. It had been enmeshed in an asbestos-related Chapter 11 bankruptcy filing since 2000, but as of April of last year, it was owned by the Pittsburgh Corning Asbestos Personal Injury Settlement Trust as part of a settlement effort.

Now, Owens Corning has received all regulatory clearances to complete the acquisition for approximately $560 million in cash.

“Owens Corning and Pittsburgh Corning have shared a common heritage,” said Julian Francis, president of Owens Corning’s Insulation Business. “Now, they have a shared future in making Owens Corning the world’s leading provider of insulation solutions with fiberglass, foam, mineral fiber, and cellular glass. We are excited with the opportunities this acquisition brings to the company.”

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