Platinum Equity Completes Acquisition of Composite Manufacturing Plants in Belgium and Norway

Platinum Equity announced today that it has completed the acquisition of

Owens Corning´s composite manufacturing plants

in Battice, Belgium and Birkeland, Norway, as well as intellectual

property and business assets related to those facilities.
The plants manufacture and sell composite materials that are used to

strengthen and lighten components and parts in the automotive, wind

energy, electronics and consumer goods industries, among others.
Owens Corning sold the facilities to address regulatory concerns

associated with its acquisition of Saint-Gobain´s

reinforcements and composite fabrics businesses. The sale of the Battice

and Birkeland plants implements required European Regulatory remedies.
"We were very pleased to provide a divestiture

solution to Owens Corning, which needed a transaction partner capable of

moving quickly and efficiently on a complex transaction," said Brian Wall, partner at Platinum Equity who supervised the

acquisition.
"We were able to deliver the operational

acumen and the financial resources necessary to win regulatory approval

and execute the transaction," Mr. Wall said. "We´re

now focused on an efficient transition that we expect to be seamless

from a customer service standpoint."
Mr. Wall said that Platinum would operate the plants as a standalone

business with an eye toward growth both organically and through add-on

acquisitions. The company´s new name and

other details of the transition will be announced as the transition

unfolds.
"We have substantial manufacturing

experience, and we´ve been able to identify

numerous opportunities in the dynamic composites market," Mr. Wall said. "We are very confident the new

company can thrive and grow as a leader in this space.
"We are looking forward to working together

with the management team and employees of the plants, as well as

customers and vendors, to create additional value through Platinum´s

unique operations-focused approach," Mr. Wall

said.
About Platinum Equity
Platinum Equity (www.platinumequity.com)

is a global M&A&O® firm specializing

in the merger, acquisition and operation of companies that provide

services and solutions to customers in a broad range of business

markets, including information technology, telecommunications

logistics, metals services, manufacturing and distribution. Since its

founding in 1995 by Tom Gores, Platinum Equity has completed more than

80 acquisitions with more than $24 billion in aggregate annual revenue

at the time of acquisition.