Wednesday, August 3, 2011
Owens Corning Acquires FiberTEK Insulation Businesses
Owens Corning (NYSE: OC) today announced that it has completed the acquisition of FiberTEK Insulation, LLC, and FiberTEK Insulation West, LLC.
The acquisitions include manufacturing locations in Lakeland, Fla., and Nephi, Utah, and expand Owens Corning's loosefill insulation capacity, while strengthening the company's ability to serve North American loosefill customers.
Loosefill, or "blown-in" insulation, is preferred due to the increased penetration of higher efficiency building codes, which require increased levels of attic insulation, and for its ease of use in energy efficiency retrofitting. The unbonded loosefill insulation product line has grown its share of overall U.S. light density residential fiberglass insulation sales in recent years to become a bright spot amid the broader downturn in U.S. residential construction.
"The acquisition of the FiberTEK companies is a great addition for Owens Corning and our customers," said Tom Quigley, vice president and general manager, Residential Insulation. "These acquisitions position Owens Corning to serve our customers in this segment as the market returns. They also benefit existing FiberTEK customers by making available our entire array of insulation products, including our revolutionary EcoTouch™ family of high-performance residential and light commercial insulation products."
The FiberTEK acquisitions will also enable Owens Corning to expand growth opportunities for its EnergyComplete™ Insulation and Air Sealing System.