Owens Sells Two European Plants For $242M

BATTICE, BELGIUM-Building-materials manufacturer Owens Corning has sold two factories, one here and one in Birkeland, Norway, to Beverly Hills Platinum Equity for $242 million. Toledo, OH-based Owens Corning, which realized proceeds of $197 million from the transaction, sold the buildings in order to address European regulatory concerns after it acquired the France-based Saint-Gobain’s reinforcements and composite fabrics division last year.

Neither Owens Corning nor Platinum revealed the size of either factory, and representatives of both firms did not return phone calls regarding the deal. The plants make materials “used to strengthen and lighten components and parts in the automotive, wind energy, electronics and consumer goods industries, among others,” according to a Platinum statement.