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Platinum Equity Buys Owens Corning's Plants
May 1, 2008
Platinum Equity has completed the acquisition of Owens Corning's composite manufacturing plants in Battice, Belgium and Birkeland, Norway.
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.
Platinum will 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.