Owens Corning sells metal systems business

Owens Corning Metal Systems (OCMS), a division of Exterior Systems, Inc., an Owens Corning subsidiary, has been sold to ALSCO Metals Corporation, a portfolio company of Sun Capital Partners. The sale …

Owens Corning Metal Systems (OCMS), a division of Exterior Systems, Inc., an Owens Corning subsidiary, has been sold to ALSCO Metals Corporation, a portfolio company of Sun Capital Partners. The sale was approved by the court overseeing Owens Corning“s bankruptcy. Terms of the transaction were not disclosed. Owens Corning decided to sell its metals business following a review which showed that manufacturing a line of residential aluminum building products was not consistent with the company“s long-term strategy. A spokesperson for Goldsmith Agio Helms, the firm which handled the transaction said “The sale process involved a private auction to select a stalking-horse bidder, followed by the traditional bankruptcy auction. While there was strong interest in the Owens Corning assets, we were able to significantly improve the results for Owens Corning in the process.” Jeff Osborn, Director, Corporate Development of Owens Corning added “Goldsmith Agio Helms was a pleasure to work with and their building products expertise added value to the transaction.”