August 2, 2011
Owens Corning Strengthens Loosefill Insulation Position With Acquisition of Two FiberTEK Insulation Businesses
TOLEDO, Ohio, Aug. 2, 2011 /PRNewswire/ -- Owens Corning (NYSE: OC) today announced that it has completed the acquisition of FiberTEK Insulation, LLC, and FiberTEK Insulation West, LLC.
The acquisitions include manufacturing locations in Lakeland, Fla., and Nephi, Utah, and expand Owens Corning's loosefill insulation capacity, while strengthening the company's ability to serve North American loosefill customers.
Loosefill, or "blown-in" insulation, is preferred due to the increased penetration of higher efficiency building codes, which require increased levels of attic insulation, and for its ease of use in energy efficiency retrofitting. The unbonded loosefill insulation product line has grown its share of overall U.S. light density residential fiberglass insulation sales in recent years to become a bright spot amid the broader downturn in U.S. residential construction.
"The acquisition of the FiberTEK companies is a great addition for Owens Corning and our customers," said Tom Quigley, vice president and general manager, Residential Insulation. "These acquisitions position Owens Corning to serve our customers in this segment as the market returns. They also benefit existing FiberTEK customers by making available our entire array of insulation products, including our revolutionary EcoTouch(TM) family of high-performance residential and light commercial insulation products."
The FiberTEK acquisitions will also enable Owens Corning to expand growth opportunities for its EnergyComplete(TM) Insulation and Air Sealing System.
About Owens Corning
Owens Corning (NYSE: OC) is a leading global producer of residential and commercial building materials, glass-fiber reinforcements and engineered materials for composite systems. A FortuneÃ® 500 company for 57 consecutive years, Owens Corning is committed to driving sustainability by delivering solutions, transforming markets and enhancing lives. Founded in 1938, Owens Corning is a market-leading innovator of glass-fiber technology with sales of $5.0 billion in 2010 and approximately 15,000 employees in 28 countries on five continents. Additional information is available at: www.owenscorning.com.
SOURCE Owens Corning