Owens Corning To Buy Ahlstrom's Glass Non-wovens & Fabrics Units For $79.5 Mln

(RTTNews) - Owens Corning (OC) said that it has signed an agreement to acquire the glass non-wovens and fabrics businesses of Ahlstrom, a fiber-based materials company headquartered in Helsinki, Finland, for 73 million euros or $79.5 million.

The transaction, which is subject to regulatory approvals, is anticipated to close in the first half of 2016.

The assets to be acquired by Owens Corning include operations in Karhula and Mikkeli, Finland, and Tver, Russia. Collectively, the facilities employ approximately 260 people and reported 2014 sales of 77 million euros or $85 million. The operations in Karhula and Tver produce glass non-wovens, primarily for flooring applications, and the facility in Mikkeli produces fabrics, primarily for the wind energy market.