30 July 1998: US-glass fibre maker Owens Corning is considering selling the Glass Fiber Yarns and Specialty Materials portion of its Composites Systems Business.
With 1997 sales of US$ 300 million, …
30 July 1998: US-glass fibre maker Owens Corning is considering selling the Glass Fiber Yarns and Specialty Materials portion of its Composites Systems Business. With 1997 sales of US$ 300 million, it is the world“s second largest supplier of glass yarns and the largest supplier of fine yarns. The sale will involve sites in Aiken, SC and Huntingdon, PA, but not its plants at Battice, Belgium and Guelph, Ontario (Canada). The company hopes to complete the sale in the third quarter 1998. The sale will raise cash for acquisitions made in 1998. The company believes it will be an attractive offering with a strong financial position and potential for growth. Owens Corning“s composites business as a whole is worth US$ 1.31 billion. First quarter 1998 results for the company have been announced. Net sales were US$ 1137 million against US$ 875 million in 1997, but net income was down from US$ 42 million to US$ 8 million.