1 Signed agreement to acquire global brand leader of cellular glass insulation and accessory products for approximately $560MM in cash, on a cash-free and debt-free basis, subject to regulatory approvals Consistent with Insulation business strategy of geographic and product technology extension Value contributors: o Broadens range of attractive industrial & commercial applications o Adds strong and stable margins through the cycle o Significantly strengthens our global Insulation platform o Leverages OC core glass technology strength Business delivered revenue of over $240MM in 2016 and adjusted EBITDA margins in a 25%-27% range over last 4 years Expect acquisition to be accretive to 2017 EPS, excluding transaction and integration costs Anticipate a run rate of $20MM of operational and commercial synergies by mid-2019 Sources: Owens Corning SEC filings; management estimates and press release issued May 15, 2017 Pittsburgh Corning Acquisition Strengthens Position of Insulation Business Exhibit 99.1 |
Owens Corning (OC) 8-KSigned agreement to acquire global brand leader of cellular glass
Filed: 15 May 17, 12:00am