Owens Corning, a manufacturer of engineered materials, glass-fiber reinforcements for composite systems and residential and commercial building materials, declared that it has closed the purchase of FiberTEK Insulation West and FiberTEK Insulation.
Owens Corning acquired the production operations in Nephi, Utah, and Lakeland, Florida. The company has expanded its loosefill insulation capacity through the acquisition, while leveraging its capability to serve its loosefill customers in the North American region. Moreover, the acquisitions will also allow the company to leverage the prospects of its Air Sealing System and EnergyComplete Insulation system.
The blown-in or loosefill insulation is chosen for its user-friendliness in energy efficacy retrofitting. The increased usage of ultra efficient building codes, which demand augmented levels of attic insulation also prefer the loosefill insulation. In recent times, the unbounded loosefill insulation materials have increased its market share in the light density residential fiberglass insulation market in the US and have become a promising segment despite the slump in the US residential construction.
Tom Quigley, who serves as Vice President and General Manager of Residential Insulation at Owens Corning, stated that the FiberTEK acquisitions are a complement for the company and its customers. These purchases allow the company to serve its customers operating in this sector after the revival of the market, he said. The acquisitions also allow FiberTEK customers to access Owens Corning’s broad range of insulation products, which include its groundbreaking EcoTouch portfolio of superior performance light commercial and residential insulation products, he added.
Source: http://www.owenscorning.com