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Owens Corning ( (OC) ) has shared an announcement.
Owens Corning announced a definitive agreement to sell its global glass reinforcements business to Triumph Non-Ionics Pvt Ltd. and 3B Lux S.à.r.l, part of the Praana Group, for $755 million. This transaction, expected to complete in 2025, will lead to the classification of the GR Business as discontinued operations and the elimination of the Composites business segment, with financial reporting adjustments reflecting this change. Owens Corning anticipates utilizing $360 million in after-tax net proceeds from the sale to drive organic growth and return cash to shareholders, while integrating retained businesses into its Roofing and Insulation segments.
More about Owens Corning
Owens Corning operates in the composites and building materials industry, providing products like glass reinforcements and roofing materials. The company maintains a strategic focus on its vertically integrated glass nonwovens business, supporting roofing and other building products, and its structural lumber business.
YTD Price Performance: 4.95%
Average Trading Volume: 809,303
Technical Sentiment Consensus Rating: Sell
Current Market Cap: $15.27B
Find detailed analytics on OC stock on TipRanks’ Stock Analysis page.
