"We see great opportunity to provide our customers in China with products in both the mid temperature building and high-temperature industrial-application markets. This acquisition furthers our strategy to expand Owens Corning’s technology portfolio across the three largest insulation markets in the world."
TOLEDO, Ohio--(BUSINESS WIRE)--Owens Corning (NYSE: OC) announced that it completed the acquisition of
Guangde SKD Rock Wool Manufacture Co., Ltd., a mineral wool manufacturer
in China. Financial terms of the transaction were not disclosed.
SKD produces mineral wool insulation for the building and technical
insulation market. Mineral wool is the primary insulation material in
China due to its lifesaving and fire protection properties.
Insulation President Julian Francis said, “We see great opportunity to
provide our customers in China with products in both the mid temperature
building and high-temperature industrial-application markets. This
acquisition furthers our strategy to expand Owens Corning’s technology
portfolio across the three largest insulation markets in the world.”
“We are pleased to further scale our mineral wool manufacturing
capabilities in China,” said Paul Wei, vice president and Asia Pacific
managing director. “We will continue to invest in and leverage our deep
building science and construction expertise to meet our customers’
growing needs in this important market.”
Owens Corning now has seven insulation manufacturing facilities across
China, providing customers with a full temperature range of products
including fiberglass, extruded polystyrene foam, cellular glass and
mineral wool insulation.
SKD’s 2017 sales were about $10 million.
About Owens Corning
Owens Corning (NYSE: OC) develops, manufactures, and markets insulation,
roofing, and fiberglass composites. Global in scope and human in scale,
the company’s market-leading businesses use their deep expertise in
materials, manufacturing and building science to develop products and
systems that save energy and improve comfort in commercial and
residential buildings. Through its glass reinforcements business, the
company makes thousands of products lighter, stronger and more durable.
Ultimately, Owens Corning people and products make the world a better
place. Based in Toledo, Ohio, Owens Corning posted 2017 sales of $6.4
billion and employs 19,000 people in 37 countries. It has been a Fortune
500® company for 63 consecutive years. For more information, please