Owens Corning to Acquire Interwrap

InterWrap, an international manufacturer of geosynthetics and related waterproofing materials, has agreed to an acquisition offer from Owens Corning (NYSE: OC). Both companies have a strong history of material conversion, with synthetics and composites, and a broad presence in construction, commercial and residential development, industrial markets.
The US $450 million deal is expected to be completed in the first half of 2016.
This is the second substantial announcement from Interwrap this month. On February 4, the company announced that a wholly owned manufacturing arm in India, International Packaging Products Pvt. Ltd (IPP), had achieved Geosynthetic Accreditation Institute – Laboratory Accreditation Program (GAI-LAP) accreditation, making it the first manufacturing location in the country to earn the milestone.
Interwrap’s primary geosynthetics brands include RhinoMat® and RhinoSkin® and affiliated market materials RhinoWrap™ and RhinoWrap™.
Regarding the impending acquisition, Interwrap’s Director of Sales Clive Mills said, “We see today’s announcement and future ownership by Owens Corning as being very positive in our ability to serve our current and future industrial-geo customers and partnerships worldwide.”
“The InterWrap team will enhance our ability to expand into new applications and markets to create value for our customers,” said Brian Chambers, President of Owens Corning’s Roofing and Asphalt Business.
A February 24 release noted that the assets to be acquired by Owens Corning, which is a Fortune 500® company, include operations in Canada, the United States, India, and China.
For more information, visit www.interwrap.com.