Owens Corning
For the period ended Dec 31, 2024. Filed Feb 24, 2025.
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FY2024 · Filed Feb 24, 2025
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23. Subsequent Events
- SUBSEQUENT EVENTS
On February 13, 2025, the Company entered into a definitive agreement for the sale of the GR business for a purchase price of approximately $436 million, less costs to sell. The purchase price is inclusive of $225 million of promissory notes to be issued to the Company by the purchasers. The GR business, part of the Company’s Composites segment, manufactures, fabricates, and sells glass fiber reinforcements for a wide variety of applications in wind energy, infrastructure, industrial, transportation and consumer markets. In 2024, the GR business generated annual revenues of approximately $1.1 billion. The sale will complete Owens Corning’s review of strategic alternatives for the business, announced on February 9, 2024, and aligns with the Company’s strategy to reshape the Company to focus on residential and commercial building products in North America and Europe.
The transaction is expected to close in 2025 and is subject to customary regulatory approvals and other conditions. The Company expects to incur a material loss on disposal which cannot be estimated at this time.
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