Owens Corning to Acquire InterWrap
TOLEDO, Ohio—Owens Corning (NYSE: OC) today announced that it has signed an agreement to acquire InterWrap, a manufacturer of roofing underlayment and packaging materials, for $450 million. The transaction, which is subject to regulatory clearance, is anticipated to close in the first half of 2016.
“The acquisition of InterWrap’s products, brands, and technology will significantly expand Owens Corning’s position in the Roofing Components segment,” said Brian Chambers, president of Owens Corning’s Roofing and Asphalt Business. “We have an excellent track record of growing our Roofing Components business. This transaction strengthens our capabilities to continue driving the conversion from organic to synthetic underlayments and accelerate our growth.
“InterWrap is a pioneer in the synthetic underlayment and packaging industries,” Chambers added. “Owens Corning has a proud history of innovating in building materials, and the addition of the InterWrap team will enhance our ability to expand into new applications and markets to create value for our customers.”
InterWrap operates facilities in the United States, Canada, India and China. They primarily produce synthetic roofing underlayment, including the Titanium® and RhinoRoof® brands, and lumber and metal packaging products, including the Duramet® and WeatherPro® brands. InterWrap reported 2015 sales of $250 million.
“The InterWrap team should be extremely proud of what we have accomplished and the kind of company and culture we have built together,” said InterWrap CEO Eduardo Lozano. “This decision was made with the best interests of our employees and with our customers in mind. InterWrap and Owens Corning are organizations known for leading innovation and creating value in the markets they serve. I can assure our people and our customers that Owens Corning appreciates our history and will provide a very bright future.”
Source: Owens Corning