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.
