"This agreement enables our customers to benefit from AGY's global leadership in S-2 Glass® while realizing the full potential of Owens Corning's S-Glass technology"
Owens Corning (NYSE: OC), a leading global producer of glass fiber reinforcements for composite systems, announced today that it has signed an agreement with AGY, a leading global producer of glass fiber yarns and high-strength glass fiber reinforcements, to better serve and grow the composites market with S-Glass reinforcements.
Owens Corning will license its S-Glass technology exclusively to AGY, which will assume commercial and operating responsibility for all of Owens Corning's S-Glass-related business effective August 1, 2014.
"This agreement enables our customers to benefit from AGY's global leadership in S-2 Glass® while realizing the full potential of Owens Corning's S-Glass technology," said Steven Vermeulen, vice president and managing director of Owens Corning's Engineered Solutions business. "For Owens Corning, this agreement provides the opportunity to better realize the value of S-Glass technology, while at the same time allowing us to focus more intently on core products and initiatives."
Owens Corning S-Glass products will serve as a natural complement to AGY's existing S-2 Glass® business and the agreement will enable AGY to leverage Owens Corning's global market development expertise to grow demand, particularly in the area of S-Glass engineered thermoplastics.
"With this significant addition to our S-2 Glass® business, we are confident in AGY's ability to stay ahead of the needs of the market for high-performance glass fiber reinforcements," said AGY President & CEO Drew Walker.
About Owens Corning
Owens Corning (NYSE: OC) is a leading global producer of residential and commercial building materials, glass-fiber reinforcements and engineered materials for composite systems. A Fortune 500® company for 60 consecutive years and in business for more than 75 years, Owens Corning is a market-leading innovator of glass-fiber technology with sales of$5.3 billion in 2013 and about 15,000 employees in 27 countries. Additional information is available at www.owenscorning.com.
AGY is a leading global producer of glass fiber yarns and high-strength glass fiber reinforcements used in a variety of composites applications. The company serves a diverse range of markets including aerospace and defense, electronics, construction and industrial. Headquartered in Aiken, South Carolina, USA, AGY has a European office in Lyon, France, and a manufacturing facility in Aiken, South Carolina, USA. For more information, visit www.agy.com.