|USA. Owens Corning sells Fabwel unit: Composites & metals fabrication businesses sold separately|
|Monday, 17 September 2007|
Owens Corning (NYSE: OC) today announced it has completed the sale of its Fabwel unit in two separate transactions totaling $60 million in combined proceeds.
Owens Corning sold Fabwel's composite panel business to Crane Composites for $38 million. The sale includes a manufacturing facility in Goshen, Ind., and a new-business development center in Elkhart, Ind.
In a separate transaction, Owens Corning sold Fabwel's metals fabrication, Fiberglass Reinforced Plastic (FRP) lamination and Midwest RV door business to Euramax International Inc. for $22 million. The sale includes facilities in Nappanee and Bourbon, Ind. Owens Corning previously announced the closure of its RV wall and door manufacturing facility in Riverside, Calif. The plant was closed in August 2007.
Fabwel was a small unit within Owens Corning's Composite Solutions segment, employing approximately 350 people. The unit had sales of approximately $179 million in 2006.
|Last Updated ( Monday, 17 September 2007 )|