Owens Corning (OC) announced today that it has received all regulatory clearances and completed the acquisition of Paroc Group (“Paroc”), one of Europe’s leading manufacturers of fire-proof stone wool insulation and energy-efficient solutions, for an enterprise value of approximately €900 million.
"Paroc has a long-term home now, as a part of Owens Corning’s insulation business in Europe and beyond. We are excited about the new opportunities that our journey together with Owens Corning will present”, says Anders Dahlblom, Paroc’s Managing Director.
“This is an important day for Owens Corning’s Insulation business,” said Julian Francis, president of Owens Corning’s Insulation Business. “We’ve had a strategic goal to broaden our product portfolio and diversify our geographic scope to better address our customers’ needs and support their growth. The acquisition of Paroc does both. We now have a leading position in Europe and in the global mineral wool business.”
For more information:
Anders Dahlblom, Managing Director, +358468768904
Olga van Iterson, Group Marketing and Communications Director, +358503252376
About Owens Corning
Owens Corning (NYSE: OC) develops, manufactures, and markets insulation, roofing, and fiberglass composites. Global in scope and human in scale, the company’s market-leading businesses use their deep expertise in materials, manufacturing, and building science to develop products and systems that save energy and improve comfort in commercial and residential buildings. Through its glass reinforcements business, the company makes thousands of products lighter, stronger, and more durable. Ultimately, Owens Corning people and products make the world a better place. Based in Toledo, Ohio, Owens Corning posted 2016 sales of $5.7 billion and employs about 19,000 people in 37 countries. It has been a Fortune 500® company for 63 consecutive years. For more information, please visit www.owenscorning.com.