— By Plasteurope.com staff — 

The facilities of the Global Glass Reinforcements division of Owens Corning (OC, Toledo, Ohio, USA; www.owenscorning.com), along with those of competitor 3B Fibreglass (Battice, Belgium; www.3b-fibreglass.com), are set to become part of the Praana Group (Mumbai, Maharashtra, India; www.praana.com). This was recently announced by OC following a year-long search for a buyer. The company intends to complete the sale of the division, valued at USD 755 mn (EUR 724 mn), within the year.

If the transaction is approved by the anti-trust authorities, there would only be three major glass fibre producers left in Europe, namely, a combined Owens Corning/3B, Johns Manville (Denver, Colorado, USA; www.jm.com) with furnaces in Slovakia, and the short glass fibre division sold by Owens Corning in 2021/22, which now operates as Fysol (Chambéry, France; www.fysol.com) with two furnaces in France.

While numerous Chinese manufacturers are active in Europe through imports, their furnaces are located in countries such as Egypt, Bahrain, and China. Envalior’s (Cologne, Germany; www.envalior.com) glass fibre facility in Antwerp primarily serves internal demand and has little impact on the market. A review of the deal by the EU competition authority does not appear to be taking place.

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Praana, which is also active in the speciality chemicals sector through Artek Surfin Chemicals (Mumbai; www.artekchemicals.com) and PVC additives specialist Galata Chemicals (Southbury, Connecticut, USA; www.galatachemicals.com), would acquire 18 production facilities worldwide as part of the deal, the company said. These include four glass furnaces in France, as well as plants in Mexico, the US, and India. With 4,000 employees, these facilities recently generated a turnover of USD 1.1 bn. 3B Fibreglass, which has been part of Artek since 2022, operates three production sites in Belgium, Norway, and India.

Both Owens Corning’s GR division and 3B Fibreglass manufacture chopped strand mats, rovings, fabrics, and non-crimp fabrics. Additionally, the Belgian company produces short glass fibres, a segment that Owens Corning exited in 2021. However, Owens Corning will retain its glass fibre operations in the US that specifically supply the construction sector, particularly roofing systems. According to CEO Brian Chambers, the sale is intended to complete the company’s restructuring process.

Owens Corning is a leader in residential and commercial building products and delivers energy-efficient solutions to customers worldwide. Founded in 1938, the company has more than 25,000 employees in 31 countries and posted 2023 sales of USD 9.7 bn.

Established in 1956, Praana Group is an India-based multinational engaged in operating a global portfolio of manufacturing facilities in the fields of speciality chemicals and glass fibre and composite materials. The company provides products to a wide range of industries like construction, textiles, automotive, home and personal care, energy, and industrial markets.