New Fiberglass Supplier Created from Divested Plants

Mergers and acquisitions specialist Platinum Equity (Los Angeles, Calif.) announced on May 2 that it has acquired fiberglass manufacturing plants located in Battice, Belgium and Birkeland, Norway, formerly owned and operated by Owens Corning Composite Solutions LLC (Toledo, Ohio), as well as the intellectual proper

Mergers and acquisitions specialist Platinum Equity (Los Angeles, Calif.) announced on May 2 that it has acquired fiberglass manufacturing plants located in Battice, Belgium and Birkeland, Norway, formerly owned and operated by Owens Corning Composite Solutions LLC (Toledo, Ohio), as well as the intellectual property and business assets related to those facilities. The two plants will now operate under the name 3B – The Fiberglass Co., with its headquarters in Battice. The new company made its first appearance at the recent JEC COMPOSITES show in Paris (to see CT’s JEC show coverage, click on the link under “Related Content,” at left).

Owens Corning sold the facilities to address regulatory concerns associated with its acquisition of Saint-Gobain’s Chambery, France) reinforcements and composite fabrics businesses. The sale of the Battice and Birkeland plants implemented a remedy required by European antitrust regulators, says Platinum Equity.

“We were very pleased to provide a divestiture solution to Owens Corning, which needed a transaction partner capable of moving quickly and efficiently on a complex transaction,” said Brian Wall, the Platinum Equity partner who supervised the acquisition. Wall adds that Platinum will operate the plants as a standalone business with an eye toward growth both organically and through additional acquisitions.