Owens Corning (NYSE: OC), the leading global producer of glass fiber reinforcements for composites, announced today that it has reached a definitive agreement to sell its glass fiber reinforcements plant in Capivari, Brazil, to Chongqing Polycomp International Corporation (CPIC). Owens Corning originally announced its intention to divest the facility in September, 2010.
The transaction, which is expected to close during the second quarter of 2011, is subject to regulatory approval and other customary conditions.
Following its acquisition of Saint-Gobain's reinforcements and technical fabrics businesses in 2007, Owens Corning anticipated that it might be required to divest the Capivari facility, one of more than 30 in its global network. CPIC was one of a number of potential buyers who participated in the bidding process. Owens Corning retains full ownership of its glass fiber reinforcements and fabrics facilities in Rio Claro, Brazil.