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Owens Corning (Toledo, Ohio, U.S.) and (Mumbai), an India-based holding group that operates a diverse portfolio of companies primarily serving the industrial sector, have signed a definitive agreement for the sale of Owens Corning’s glass fiber reinforcements business to Praana Group (through its subsidiaries) at an enterprise value of $755,000,000. This sale is a part of Owens Corning’s strategic plan to reshape the company to focus on residential and commercial building products in North America and Europe. The company mentioned its initiative to explore alternatives for this business in March 2024.

Owens Corning’s glass fiber reinforcements business, part of the company’s Composites segment, manufactures, fabricates and sells fiberglass reinforcement for a wide variety of applications in wind energy, infrastructure, industrial, transportation and consumer markets. The business generated revenue of approximately $1.1 billion in 2024 and has ~4,000 employees across a global footprint that includes 18 operations in 12 countries.

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“After a comprehensive review of strategic alternatives, the Owens Corning Board concluded that a sale of the business to the Praana Group supports the company’s strategic plan and results in the greatest overall value to its shareholders,” says Brian Chambers, Owens Corning chair and CEO. “I want to thank the glass [fiber] reinforcements team for their continued focus on operating safely, delivering high-quality products, and helping customers win and grow in the market.”

Chambers notes that the transaction strengthens Owens Corning into a more focused, capital-efficient company. Combination of this latest announcement, along with the company’s strategic initiatives and investments over the past several years, will drive Owen Corning’s further profit growth.

“The glass fiber reinforcement business is highly competitive and is poised for growth in the medium to long run, especially on account of the global push toward adoption of clean energy, reduction of carbon footprint and
material substitution,” says executive board member of Praana Group. “This strategic acquisition will grow our footprint in glass [fiber] reinforcements with new geographies, broaden the scope of our operations and enhance our ability to deliver solutions that contribute to global efforts for a more sustainable and efficient future. It will also strengthen Praana Group’s competitiveness and operational efficiencies in glass fiber reinforcements for composites for the industrial sector.”

The sale will complete Owens Corning’s review of strategic alternatives for the business announced in early 2024. The transaction is expected to close in 2025 and is subject to customary regulatory approvals and other conditions.

Owens Corning will retain the other businesses within its Composites segment. These include the company’s vertically integrated glass nonwovens business that supports its Roofing segment and other building products
customers, along with its structural lumber business. Going forward, these businesses will operate within Owens Corning’s Roofing segment. Owens Corning’s two glass melting plants in the U.S., which provide glass fibers to make nonwovens products, will operate and be integrated within its Insulation segment.

Global law firm Greenberg Traurig LLP is representing Praana Group as deal counsel led by New York Corporate Shareholders ,  and and includes London Banking & Financial Services Practice Shareholder .