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Owens Corning announced that it has signed an agreement to acquire Pittsburgh Corning, a 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 insulation offering water and fire resistance, compressive strength, and thermal protection. This combination of properties makes FOAMGLAS insulation suitable for low-temperature industrial applications. Pittsburgh Corning also offers a broad 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.
Keywords: Cellular Glass Insulation, Low-Temperature Industrial Applications, Commercial Buildings, ARC Advisory Group.