Equity firm completes purchase of European OC plants

Platinum Equity has completed purchase of Owens Corning's composite manufacturing plants in Battice, Belgium, and Birkeland, Norway.

Platinum Equity (Los Angeles, Calif.) announced that it has completed the acquisition of Owens Corning's (Toledo, Ohio) composite manufacturing plants in Battice, Belgium and Birkeland, Norway, as well as intellectual property and business assets related to those facilities.

Owens Corning sold the facilities to address regulatory concerns associated with its acquisition of Saint-Gobain's reinforcements and composite fabrics businesses in 2007. The sale of the Battice and Birkeland plants implements required European Regulatory remedies.

"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, partner at Platinum Equity who supervised the acquisition.

"We were able to deliver the operational acumen and the financial resources necessary to win regulatory approval and execute the transaction,"Wall said in a statement issued by Platinum Equity. "We're now focused on an efficient transition that we expect to be seamless from a customer service standpoint.”

Wall said that Platinum would operate the plants as a standalone business with an eye toward growth both organically and through acquisition. The company's new name and other details of the transition will be announced as the transition unfolds.

"We have substantial manufacturing experience, and we've been able to identify numerous opportunities in the dynamic composites market,"Wall said. "We are very confident the new company can thrive and grow as a leader in this space.

"We are looking forward to working together with the management team and employees of the plants, as well as customers and vendors, to create additional value through Platinum's unique operations-focused approach,"Wall said.