CertainTeed completes acquisition of Canadian insulation manufacturer

CertainTeed Insulation announced 5 January 2009 the completion of its acquisition of the OFI Income Fund on 2 January 2009. Under the agreement, CertainTeed Insulation acquires all of the assets of th…

CertainTeed Insulation announced 5 January 2009 the completion of its acquisition of the OFI Income Fund on 2 January 2009. Under the agreement, CertainTeed Insulation acquires all of the assets of the OFI Income Fund and the OFI Operating Trust, including Ottawa Fibre, for approximately CAD 42 million, and the assumption of its adjusted debt. Established in 1980, OFI served as a manufacturer and distributor of a broad range of fiberglass insulation products used in both residential and commercial applications. The acquisition includes fiberglass insulation manufacturing facilities in Ottawa and Tillsonburg, Ontario and Redcliff, Alberta, as well as a ceiling tile plant in Ottawa. “CertainTeed has modestly serviced the Canadian building industry with insulation for many years as our US production capabilities would allow”, said Peter Dachowski, President and CEO of CertainTeed. “The acquisition of OFI will provide our Canadian customers with a more consistent, locally produced source of CertainTeed-branded insulation utilizing OFI“s skilled and talented workforce”. Through its US-based manufacturing facilities, CertainTeed currently sells a number of insulation products in Canada, which are approved by the Canadian Construction Materials Centre (CCMC): OPTIMA(R) Blowing Insulation for wall systems; Fiber Glass Batts and Rolls; InsulSafe(R) Blowing Insulation for attics; vapor retarder MemBrain(TM); and UltraTherm(R) C Blowing Insulation. CertainTeed“s newest product, CertaSpray(TM) Foam Insulation, in both open- and closed-cell varieties, is currently under evaluation by the CCMC.