Owens Corning has sold its glass reinforcements business to Indian glass and chemicals supplier Praana Group for $755 million.
In a news release, officials with Owens Corning in Toledo, Ohio, said the sale to Mumbai-based Praana is “a part of [OC’s] strategic plan to reshape the company to focus on residential and commercial building products in North America and Europe.”
Glass reinforcements made by the unit being sold are used in many plastics products. The business makes, fabricates and sells glass fiber reinforcements for applications in wind energy, infrastructure, industrial, transportation and consumer markets.
The business being sold had sales of $1.1 billion in 2024. It employs about 4,000 at 18 sites in 12 countries. OC is a leading supplier of residential and commercial building products that posted sales of almost $10 billion in 2023.
In the release, OC Chair and CEO Brian Chambers said the sale “supports [OC’s] strategic plan and results in the greatest overall value to its shareholders.” He added the transaction “strengthens [OC] as a focused, more capital-efficient building products leader in North America and Europe.”
Praana executives Vishal Goenka and Anuj Goenka said the business being acquired “is highly competitive and is poised for growth … especially on account of the global push towards adoption of clean energy, reduction of carbon footprint and material substitution.”
They added the purchase “will strengthen [Praana’s] competitiveness and operational efficiencies in glass fiber reinforcements for composites for the industrial sector.”
OC will retain other businesses in its Composites segment. These include the company’s vertically-integrated glass nonwovens business that supports its Roofing segment and other building products customers, along with its structural lumber business. OC’s two glass melting plants in the U.S., which provide glass fibers to make nonwovens products, will operate and be integrated within its Insulation segment.
Praana’s holdings include specialty chemicals businesses Sterling Specialty Chemicals, Galata Chemicals and Artek Surfin Chemicals, as well as glass fiber and composites firm 3B Fibreglass. Markets served by Praana include construction, textiles, automotive, home and personal care, energy and industrial.