Owens Corning to use existing facility for purchase of Reinforcement and Composites business

By Sara Rosenberg

New York, July 27 - Owens Corning plans to use borrowings under its existing credit facility to help fund the acquisition of Saint-Gobain's Reinforcement and Composites business for $640 million, according to a news release.

Other acquisition financing will come from proceeds of previously announced divestitures, cash on hand and cash flow from operations.

The transaction is expected to close by the end of the year and remains subject to regulatory approval in several jurisdictions, along with customary closing conditions.

The company will divest its facilities in Battice, Belgium; Birkeland, Norway; and Huntingdon, Penn., in order to address regulatory concerns related to the transaction.

Owens Corning is a Toledo, Ohio-based building materials company.

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