Owens Corning, the Toledo-based supplier and manufacturer of insulation and building materials, has completed the sale of its siding business to French building materials giant Saint-Gobain.
The $371 million sale included Owens Corning’s Norandex/Reynolds siding distribution business with 153 distribution sites in the United States and manufacturing facilities in London, Ontario; Joplin, Mo.; and Claremont, N.C.
"This sale is part of our ongoing strategy to focus on core businesses that bring value to our customers," said Dave Brown, president and CEO. "This transaction enhances shareholder value by strengthening Owens Corning's ability to generate consistent profitable growth across its portfolio of businesses."
The transaction completes Owens Corning's previously announced strategic review of its “Siding Solutions” business, the company said in a statement.