Building components manufacturer Owens Corning has agreed to sell its Fabwel reinforced plastic and metals fabrication business in two transactions totaling $60 million.
Owens Corning said its Fabwel composite panel business will be sold to Crane Composites for $38 million. The sale includes a manufacturing facility in Goshen, Ind., and a new business development center in Elkhart, Ind.
In a separate transaction, Owens Corning’s Fabwel metals fabrication business will go to Euramax International for $22 million. The sale includes facilities in Nappanee and Bourbon, Ind.
Fabwel was a small unit within Owens Corning's Composite Solutions segment, the company explained in a statement, employing approximately 350 people. The unit had sales of about $179 million in 2006.