Owens Corning To Acquire Pittsburgh Corning - Quick Facts

(RTTNews) - Owens Corning (OC) announced an agreement to acquire Pittsburgh Corning, a producer of cellular glass insulation systems for commercial and industrial markets. Upon closing, the company will pay approximately $560 million in cash, on a cash free and debt free basis.

Pittsburgh Corning employs over 1,100 people in 17 countries. It operates facilities in the United States, Belgium, Czech Republic and China. Pittsburgh Corning delivered 2016 sales of over $240 million.

"The acquisition of Pittsburgh Corning will further expand Owens Corning's commercial and industrial product offering and grow our presence in Europe and Asia," said Julian Francis, president of Owens Corning's Insulation Business.