Owens Corning has sold nearly all of its Engineered Pipe Systems Inc. subsidiary to a leading Saudi Arabian manufacturer of glass-reinforced pipe.
Terms were not disclosed in the deal with Saudi Arabian Amiantit Co. of Dammam, Saudi Arabia — a joint-venture partner with OC. The sale already has been approved by U.S. Bankruptcy Court in Toledo, Ohio.
"It was one of the many things we discussed in an earlier hearing," Owens Corning spokesman Bill Hamilton said of court approval.
The sale includes two legal entities in Sandefjord, Norway: Flowtite Technology AS and Flowtite AS. The latter includes affiliated operations and joint ventures in Saudi Arabia, Germany, France, Argentina, Spain and Norway. A joint venture in Turkey was excluded, Hamilton said.
Engineered Pipe makes large-diameter, glass-reinforced plastic pipe used to transport water and waste water. Toledo-based OC considered the business noncore, Hamilton said.