Cleary Gottlieb is representing longtime client Owens Corning in its $640 million acquisition of Saint-Gobain’s worldwide reinforcement and composites business. The acquisition agreements were signed on July 26, replacing an existing joint venture agreement between the parties. The deal is expected to close by the end of 2007, pending regulatory approval.
We are also advising Owens Corning on the divestment of facilities in Battice, Belgium, and Birkeland, Norway to address European regulatory concern over the Saint-Gobain acquisition. Saint-Gobain’s reinforcement and composites business has operations in Europe, North and South America, and Asia, with approximately 4,500 employees.
Owens Corning is a leading innovator of glass fiber technology with sales of $6.5 billion in 2006 and 19,000 employees worldwide. Saint-Gobain operates in 54 countries worldwide, and is one of the world’s leading industrial corporations.