Owens Corning (OC) is to sell its glass reinforcements business to the Mumbai, India-headquartered Praana Group for $755 million.

The business, part of the company’s Composites segment, manufactures glass fibre reinforcements for a wide variety of applications in the wind energy, infrastructure, industrial, transportation and consumer markets and generated revenue of approximately $1.1 billion in 2024. It has approximately 4,000 employees across 18 operations in 12 countries.

The sale is a part of Toledo, Ohio-headquartered OC’s strategic plan to focus on residential and commercial building products in North America and Europe and does not include other businesses within its Composites segment, including its vertically integrated glass nonwovens. The company’s two US glass melting plants which provide glass fibres to make nonwovens will now be integrated within OC’s Insulation segment.

“After a comprehensive review of strategic alternatives, the board concluded that a sale of the business to the Praana Group supports the company’s strategic plan and will result in the greatest overall value to shareholders,” said OC CEO Brian Chambers. “I want to thank the glass reinforcements team for its continued focus on operating safely, delivering high-quality products and helping customers win and grow in the market.”

“The glass fibre reinforcement business is highly competitive and is poised for growth in the medium to long run, especially on account of the global push towards the adoption of clean energy, reducing carbon footprint and material substitution,” added Praana Group vice chairman Vishal Goenka. “This strategic acquisition will grow our footprint in glass reinforcements with new geographies, broaden the scope of our operations, and enhance our ability to deliver solutions that contribute to global efforts for a more sustainable and efficient future.”

www.owenscorning.com