Owens Corning To Buy Synthetic Roofing Underlayment Firm InterWrap For $450 Mln

(RTTNews) - Owens Corning (OC), a manufacturer of insulation, roofing, and fiberglass composites, announced Wednesday that it has signed an agreement to acquire InterWrap, a manufacturer of roofing underlayment and packaging materials, for $450 million.

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

Privately held InterWrap operates facilities in the United States, Canada, India and China. They primarily produce synthetic roofing underlayment, including the Titanium and RhinoRoof brands, and lumber and metal packaging products, including the Duramet and WeatherPro brands. InterWrap reported 2015 sales of $250 million.

Brian Chambers, president of Owens Corning's Roofing and Asphalt Business, said, "The acquisition of InterWrap's products, brands, and technology will significantly expand Owens Corning's position in the Roofing Components segment."