References/21 Jan 2016
Borenius and Cleary Gottlieb advised Owens Corning in the acquisition of Ahlstrom’s Building & Wind business unit
We, together with Cleary Gottlieb, advised Owens Corning in the acquisition of the glass non-wovens and fabrics businesses of Ahlstrom. The assets to be acquired by Owens Corning include operations in Karhula and Mikkeli, Finland, and Tver, Russia. Collectively, the facilities employ approximately 260 people and reported 2014 sales of €77 million.
Owens Corning develops, manufactures and markets insulation, roofing and fiberglass composites. Based in Toledo, Ohio, Owens Corning posted 2014 sales of $5.3 billion and employs about 15,000 people in 26 countries. Ahlstrom is a Finnish high performance fiber-based materials company.
The transaction, which is subject to regulatory approvals, is anticipated to close in the first half of 2016.