New Zealand: Owens Corning OK to acquire Saint-Gobain assets

The New Zealand Commerce Commission has cleared Owens Corning to acquire the glass fiber reinforcement assets of Saint-Gobain Vetrotex division, insofar as the acquisition would affect any market in N…

The New Zealand Commerce Commission has cleared Owens Corning to acquire the glass fiber reinforcement assets of Saint-Gobain Vetrotex division, insofar as the acquisition would affect any market in New Zealand. Commission Chair Paula Rebstock said that the Commission was satisfied that the proposed acquisition would not have, or would not be likely to have, the effect of substantially lessening competition in any of the relevant markets. US-based building products company Owens Corning has a number of manufacturing plants located around the world. Among other things, Owens Corning currently supplies glass fiber reinforcements into New Zealand through third party distributors. Compagnie de Saint-Gobain distributes glass fiber reinforcement products in New Zealand through its Australia-based subsidiary. A public version of the written decision will be available as soon as practicable on the Commission“s website, under Public Registers.