LOS ANGELES (May 1, 2008) – Platinum Equity announced today that it has completed the acquisition of Owens Corning’s composite manufacturing plants in Battice, Belgium and Birkeland, Norway, as well as intellectual property and business assets related to those facilities.
The plants manufacture and sell composite materials that are used to strengthen and lighten components and parts in the automotive, wind energy, electronics and consumer goods industries, among others.
Owens Corning sold the facilities to address regulatory concerns associated with its acquisition of Saint-Gobain’s reinforcements and composite fabrics businesses. The sale of the Battice and Birkeland plants implements required European Regulatory remedies.
“We were very pleased to provide a divestiture solution to Owens Corning, which needed a transaction partner capable of moving quickly and efficiently on a complex transaction,” said Brian Wall, partner at Platinum Equity who supervised the acquisition.
“We were able to deliver the operational acumen and the financial resources necessary to win regulatory approval and execute the transaction,” Mr. Wall said. “We’re now focused on an efficient transition that we expect to be seamless from a customer service standpoint.”
Mr. Wall said that Platinum would operate the plants as a standalone business with an eye toward growth both organically and through add-on acquisitions. The company’s new name and other details of the transition will be announced as the transition unfolds.
“We have substantial manufacturing experience, and we’ve been able to identify numerous opportunities in the dynamic composites market,” Mr. Wall said. “We are very confident the new company can thrive and grow as a leader in this space.
“We are looking forward to working together with the management team and employees of the plants, as well as customers and vendors, to create additional value through Platinum’s unique operations-focused approach,” Mr. Wall said.
About Platinum Equity
Platinum Equity (www.platinumequity.com) is a global M&A&O® firm specializing in the merger, acquisition and operation of companies that provide services and solutions to customers in a broad range of business markets, including information technology, telecommunications, logistics, metals services, manufacturing and distribution. Since its founding in 1995 by Tom Gores, Platinum Equity has completed more than 80 acquisitions with more than $24 billion in aggregate annual revenue at the time of acquisition.
Mark Barnhill, Platinum Equity