26 February 1998: US-based Owens Corning formally announced in a news release it wants to sell its half of its partnership with Alpha, in order to divest nonstrategic assets, said the company.
Chief…
26 February 1998: US-based Owens Corning formally announced in a news release it wants to sell its half of its partnership with Alpha, in order to divest nonstrategic assets, said the company. Chief Executive Officer Glen Hiner also acknowledged his firm“s intention to exit the resin business during a recent press conference. “The divestiture probably will be complete in the first half of 1998,” Hiner said. The announcements reinforced Owens Corning“s earlier pledges that it planned to divest non-strategic assets. Owens Corning, which just reported US$ 4.37 billion in 1997 sales, has focused its business on construction materials such as its famous pink fibreglass insulation and vinyl siding, and glass reinforcing fibres for the composites industry.